Officials at Hindustan Motors have denied reports in the Indian media that the company is in talks to sell a stake to a foreign automotive producer.

CNBC TV18, citing unnamed sources, reported that General Motors, Isuzu Motors and Mitsubishi Motors Corp had all begun talks with the Indian company independently of each other.

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“There are no such plans at the moment,” Chief Financial Officer Yogesh Goenka told Reuters.

Hindustan Motors has been struggling of late financially, reporting a net loss of 428.6m rupees (US$9.27m) for the year ended 31 March.

The local media reports said that the company’s plant in the southern city of Chennai, was a possible acquisition target.

 

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