Tata Motors dismisses reports claiming company may sell stake in Jaguar Land Rover

Tata Motors on August 17 dismissed "unconfirmed" and "unsubstantiated" media reports claiming home-grown automotive company may sell stake in its subsidiary Jaguar Land Rover (JLR), which it acquired from Ford in 2008. Tata Motors on Monday said that Jaguar Land Rover's business remains strong as it recently transitioned to new electrified, automous and connected techlogies to support its destination zero ambition. 

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"Tata Motors categorically denies and dismisses any such intent. Jaguar Land Rover is and remains a key pillar of Tata Motors and wider Tata Group. We recently anunced our results for Q1 and have indicated that we are maintaining solid liquidity despite Covid-19 pandemic and expect to be cash positive from Q2 onwards," company said in a statement on its website on Monday.

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JLR's Q1 Report

Jaguar Land Rover Automotive plc on July 31 reported financial results for three months ending 30 June 2020. In report, company claimed that COVID-19 pandemic continued to impact business significantly in first quarter of fiscal 2020-21, with retails down 42.4% year-on-year. However, sales improved month-by-month within quarter across all regions as ecomies re-opened, with June retails down 24.9%. According to JLR, business was particularly impacted in United Kingdom, where sales went down 69.5%. 

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"Despite significant impact of Covid-19, company successfully completed £647 million of new funding and ended quarter with solid liquidity of £4.7 billion, including £2.75 billion of cash and short-term investments and a £1.9 billion undrawn revolving credit facility," company said in its report. 

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