Tata Motors today refuted reports that it was interested in acquiring a stake in truck and bus maker Swaraj Mazda.
The Economic Times last week reported that Tata Motors was planning to acquire the 53.5 per cent stake held by Japan's Sumitomo Corp in Swaraj Mazda in a deal worth around $54 million.
"There have been speculative reports in a section of the media that Tata Motors is considering acquisition of a stake in Swaraj Mazda. Tata Motors denies any such interest," the company said in a brief website statement.
Tata Motors, India's leading vehicle maker, manufactures a range of commercial vehicles, including trucks and buses that meet almost all commercial transport requirements.
Early this year, Sumitomo Corporation purchased 14,72,000 equity shares of company from Punjab Tractors Ltd, which represents 14.04 per cent of the paid-up capital of the company.
Swraj Mazda has commercially launched air-conditioned luxury buses manufactured at its new bus body plant, after obtaining clearance from government testing agencies and extensive test marketing.
The company posted highest-ever profits for FY2007-08.
Operating profit of company for FY2007-08 at Rs53.7 crore is up 52 per cent over previous fiscal.
Profit before tax for FY2007-08 has jumped to Rs38.7 crore -up 67 per cent over previous fiscal.