Tata Group may be considering Jaguar Land Rover IPO: Report
A Bloomberg report quoted people familiar with the matter as saying that top Tata officials have held preliminary internal discussions in recent months over listing the luxury car maker on an international stock exchange.
The Tata Group may be considering an initial public offering (IPO) of Jaguar Land Rover, according to a report in Bloomberg.
Jaguar Land Rover is a subsidiary of Tata Motors.
The report quotes people familiar with the matter as saying that top Tata officials have held preliminary internal discussions in recent months over listing the luxury car maker, which it bought nearly a decade ago for USD 2.4 billion, on an international stock exchange. London and New York are being considered as the possible venues, the report added.
A Tata Group spokesperson, however, denied such plans and told Bloomberg that “there is no truth to the information”.
JLR employs more than 40,000 people globally and builds just under a third of Britain's 1.7 million cars. On Monday, it said it would hire 5,000 staff as it boosts its skills in autonomous and electric technology, a welcome business endorsement as Prime Minister Theresa May starts Brexit talks after a botched election.
JLR has about 10 percent share of the 33,000 units a year of India’s domestic luxury car market and has 24 outlets across India.
The Tata Motors-owned auto company will launch at least 10 new products in FY18 in a bid to challenge the dominance of German carmakers Mercedes-Benz, Audi and BMW in the Indian luxury car market.JLR recently said its mobility services business, InMotion Ventures, would invest USD 25 million in US ride services company Lyft Inc to help develop and test technology for self-driving cars.