Reacting to an August 4 report headlined “TaMo seeks foreign partner in India car biz”, the company has in a statement said the names of potential partners in the report were “speculative and unsubstantiated”.
The company said it had informed the stock exchanges of the subsidiarization of the passenger vehicles business as part of an overall restructuring plan to provide “differentiated focus”, “unlock value” and “facilitate beneficial strategic alliances for the PV undertaking in future”.
We’ll retain control, run biz: TaMo CFO
Subsequently, the Group CFO had “clarified the contours of any such potential partnership arrangement saying that we will retain control in any such arrangement should it fructify and this business is ours to run,” the statement added.
The TOI report had quoted a company official saying “the India passenger car business is something that we want to run and hence, we will not hand over majority control of the unit”. In its statement, Tata Motors, while describing itself as “India’s foremost homegrown auto company”, said the “names of the potential partners (in the report) have never been confirmed either by us or by them”.