Tata Group denies interest in Ferrari stake

HOT WHEELS: Ratan Tata flags off a Ferrari 612 Scaglietti on the Magic India Discovery tour.

Featured Blog

Rajdeep Sardesai

Maharaj or Dada, Ganguly's legacy lives on

Featured Slideshows

Mumbai: Tata Group, which is in final talks to buy Ford Motor Co's Jaguar and Land Rover luxury brands, denied on Monday a magazine report that it was interested in a stake in Ferrari.

Italy's L'Espresso weekly news magazine on Friday had quoted Chairman Ratan Tata as saying in an interview he would like to buy a stake in Fiat's luxury sports car unit Ferrari.

"Tata Group wishes to clarify that the statement has been misquoted and taken out of context," a spokesman for Tata Group said on Monday.

"The report is completely untrue," he said in a statement.

Tata Motors Ltd has manufacturing and distribution ventures with Fiat for cars and engines in India and for commercial vehicles in South America. Both companies have said they would explore other areas of cooperation.

In another development, Tata has assigned its advisers, Citigroup and JP Morgan, to arrange the financing to purchase Ford Motor Co's Jaguar and Land Rover luxury brands.

Tata Motors' widely anticipated purchase of the luxury Jaguar and Land Rover marques has been delayed by more than 10 days, a spokesman for the Britain's largest manufacturing union said.

Sources close to the negotiations between Tata and Ford Motors, the American company which owns the two brands, had earlier said an announcement could be expected March 5 or March 6, the union spokesman said.