Tata Motors, India's biggest commercial vehicle maker, has denied it was considering buying Japanese conglomerate Sumitomo's majority stake in Indian truck and bus maker Swaraj Mazda.

India's Economic Times newspaper reported earlier in the week that Tata was mulling purchasing 54% of Swaraj Mazda in a deal worth up to US$54m.

"There have been speculative reports in a section of the media that Tata Motors is considering acquisition of a stake in Swaraj Mazda," Tata Motors said in a statement. "Tata Motors denies any such interest," the company added.

Tata Motors is a major player in India's commercial vehicle market, which is set to see the entry of competitors such as General Motors and its Chinese partner SAIC.

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