Tata Motors, India's largest commercial vehicles maker, says media reports that it is looking at buying the stake of private equity firm Actis in truck and bus maker Swaraj Mazda, were "speculative".
Although the report, carried by The Economic Times, was widely picked up, neither Tata Motors nor Actis were impressed. A Tata Motors spokesman called the report ''speculative'', while Actis India head J M Trivedi simply refused to comment.
UK-based Actis, which owns 7.74 per cent in Swaraj directly and another 9.28 per cent through its subsidiary CDC, is considering exit options from Mazda, the newspaper said, citing unidentified people familiar with the matter.
Other auto makers, including an engineering firm, are also looking at the Actis stake in Swaraj Mazda. The eventual role of Tata Motors in Swaraj Mazda, if any, will depend on the intentions of Japanese conglomerate Sumitomo, which has a controlling 53.5 per cent stake in the Punjab-based company, the report said.