Tata Motors has poured cold water on rumours it is planning an IPO for Jaguar Land Rover (JLR), saying it will remain a subsidiary of the firm.
Bloomberg reported that senior Tata Group officials have held preliminary internal discussions over the past few months regarding the potential listing of JLR on an international stock exchange, possibly London or New York.
Tata Motors said the information was untrue. A spokesperson for JLR said: "There is no truth in this story. Jaguar Land Rover will remain as a 100 per cent owned subsidiary of Tata Motors Limited."
The Indian company has turned around the luxury British car firm since buying the business from Ford Motor in 2008, and last month JLR announced a record year for sales and revenue.
Over the past six years, JLR has doubled both sales and employment, more than tripled turnover, and has plugged over £15m into new product creation and capital expenditure.
That will mean JLR increases its domestic workforce by just under 15 per cent to 42,000 employees.