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.

“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.