Indian trucks and car maker Tata Motors, owner of Jaguar Land Rover has no plans to list its Jaguar Land Rover unit in London, the company said, denying a TV report it had initiated talks with banks.
“That is completely untrue. There is no such plan,” Debasis Ray, a spokesman for Tata Motors, told Reuters.
Two weeks ago, a news television said that Tata has entered into talks with several investment banks to manage the proposed issue. An industry source quoted as saying in ET that about four banks including Citi, SBI Caps, HSBC and JP Morgan are in talks with senior management of Tata Motors.
Tata bought the British luxury brand from Ford Motor Co for $2.3 billion in 2008 while the brand was still dire straits but the company’s fortunes have improved off late and last week Tata Motors had announced their huge plans to investment big money into R&D of JLR.