Tata Motors says it has “no knowledge” of reports circulating in the Indian press it would sell INR1bn (US$22m) of bonds in the next few days.

A Tata spokesman in Mumbai told just-auto: “We have no information [on that] as of now.

“Our stated position is that we want to deleverage our balance sheet – beyond that I can’t say why. We need to deleverage as that would reduce our debt further.”

The spokesman added Tata had a figure in mind, but declined to reveal any further details, apart from noting that gearing was improved if deleveraging took place.

The deleveraging process “is going on,” he said, adding: “There is no time frame as such.”

Tata Motors Group global sales rose 39% year on year to 101,712 in March. Sales at its Jaguar Land Rover unit rose 43% to 23,538 vehicles.