Tata Motors have issued an Official Media Statement Clarifying that they are not selling any stake or getting any partner for their Passenger Vehicle division as falsely reported by some section of the media, here’s what the official statement fr Tata Motors says –
Unconfirmed and unsubstantiated reports have recently been published by some media on Tata Motors Passenger Vehicle stake sale and potential partners
In this context, Tata Motors clarifies that:
All such published news about ‘Tata Motors to sell up to 49% stake in PV Business’ and the names of potential partners/investors mentioned is incorrect and misleading.
Firstly, TML is India’s foremost home grown auto company. Its products are receiving strong customer response with its best-in-class safety, stylish design and superior driveability. Over the years, initiatives taken by Tata Motors have and will continue to strengthen India and its auto sector.
In March 2020, TML had announced the intent to subsidiarise its PV business as the first step towards securing mutually beneficial strategic alliances that provide access to products, architectures, powertrains, new-age technologies and capital.
Securing a mutually beneficial alliance is a priority. However, it is not an imperative for today but an opportunity to be secured for tomorrow.
The imperative for today is to Win Sustainably by delivering market beating growth and positive free cash flows by delighting our customers with exciting products and exceptional service while continuing to drive a strong cost savings agenda.