Clearing the rumors regarding the Tata Motors’ recent bid for buying bankrupted Swedish firm Saab Automobiles, the group Chairman Mr. Ratan Tata Said on Tuesday that the company is has no such plans. He said that it is the Indian auto giant Mahindra & Mahindra that has placed a bid for this bankrupted firm, not Tata Motors. He added that Tata Motors’ hands are full following the acquisition of Jaguar & Land Rover in year 2008. However, there has been no confirmation from the side of Mahindra & Mahindra in this regard.
Recently, on Tuesday, a few media reports had claimed that Tata Motors is placing a bid for the acquisition of Saab Automobiles for $350 million.
Speaking to the reporters on the sidelines of Geneva Motor Show, Mr. Ratan Tata Said, "We have not bid for SAAB, but another Indian company Mahindra has. He added, "I think right now we have our hands full with all acquisitions. We have two vibrant brands (Jaguar and Land Rover). Our focus is on to make them two most relevant and vibrant brands further."
While further elaborating the company’s future strategy for JLR, he said that there was a time when Tata Motors was supporting JLR fully when markets in Europe and theUS were very negative, but they have come up very well. They have come up at a time when the Indian market has slowed. It's going to be an up and down situation.