Tata Motors denies report claiming to be able to sell Jaguar and Land Rover

Tata Motors has denied a recent report that one of the options being considered for distressed brands of Jaguar and Land Rover was to sell them to someone else.

The original report of Bloomberg stated that the Indian company was considering completely unloading the two British builders, selling a minority stake or finding a JLR partner to reduce costs.

A spokesman for Tata Motors, however, said Reuters that there is no truth in the rumors that Tata Motors is seeking to sell its stake in JLR. "

According to the initial report, Tata Motors is currently holding private interviews with advisers, which could very well lead to nothing, citing internal sources. It is believed that Indian society is reluctant to give up control of JLR and may instead seek a strategic partner or sovereign fund.

Tata Motors currently owns 100% of Jaguar Land Rover, which was to amortize $ 4.1 billion in the last quarter of 2018. Jaguar has been faced with declining sales in China and a sharp decline in demand for diesel models in Europe . In addition, JLR announced a 10% reduction in its workforce in a context of uncertainty regarding Brexit.

Last month, Jaguar Land Rover said it was looking for other sources of financing because conditions did not allow it to borrow on the bond market. The UK company, which is currently spending a lot of money on electric vehicles, is set to raise $ 1 billion in 14 months to replace maturing bonds.