Jaguar Land Rover (JLR) parent company Tata Motors has issued a statement denying media reports that it could be prepared to sell a stake in JLR to raise funds for the embattled carmaker.
The reports of a possible stake sale follow news that bailout talks with the UK Government have ended without agreement.
The full Tata Motors statement reads:
"Unconfirmed and unsubstantiated reports have been published by some media alleging that Tata Motors may sell stake in Jaguar Land Rover (JLR).
"Tata Motors categorically denies and dismisses any such intent. Jaguar Land Rover is and remains a key pillar of Tata Motors and the wider Tata Group.
"We recently announced our results for Q1 and have indicated that we are maintaining solid liquidity despite the Covid-19 pandemic and expect to be cash positive from Q2 onwards.
"Jaguar Land Rover business remains strong as it transitions to new electrified, autonomous and connected technologies to support its Destination Zero ambition."