Tata Motors Ltd said on Monday it had no plans to list its luxury British car brand Jaguar Land Rover after reports that the automaker was considering an initial public offering of the unit.
“There are no plans to list Jaguar Land Rover,” a Tata spokesman told. “There is no truth in those rumours.”
Tata Motors has shown significant growth in the last financial year and that’s all thanks to Jaguar Land Rover. Tata Motor’s cumulative passenger vehicle wholesales for financial year 2016-17 including Jaguar Land Rover (JLR) sales clocked 757,994 units, higher by 12 per cent when compared to FY15-16.
Jaguar Land Rover alone dominated Tata Motors global passenger vehicles sales by selling over 6 lakh units in the same period. In fact retail sales went up by 54 per cent in April 2017 compared to April 2016 as Jaguar retailed 12,310 vehicles.
The sales have been driven by cars like the F-Pace, XE as also the XJ.
Jaguar Land Rover’s revenue has grown seven folds after Tata Motors bought the company in 2008. In fact, Jaguar Land Rover will invest 4 billion pounds ($5.1 billion) in the financial year through March 2018 which will also see it build a new factory in Slovakia.