Tata Explores Options, Including Stake Sale, For JLR
The Tata Group is exploring strategic options, including a stake sale, for its struggling Jaguar Land Rover Automotive Plc unit, according to a Bloomberg report quoting people familiar with the matter.
The options range from minority stake sale to finding a joint venture partner.
Tata is said to be holding preliminary talks with potential advisers, but some of the people told Bloomberg that the discussion may not lead to any transaction. They said Tata may prefer to keep control of JLR, and rather seek fresh equity from investors such a strategic partner or sovereign wealth fund.
Tata Motors, the parent of JLR, reported a surprise loss of Rs 27,000 crore —the biggest by an Indian company—in the quarter ended December. That was due to a non-cash write-off worth Rs 27,838 crore for JLR because of slowing sales in China, technology disruptions and rising cost of debt.
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