It is Mahindra not us which have bid for Saab: Ratan Tata

[1]

Stating that Tata Motors' hands are full post the acquisition of JLR, Ratan Tata on Tuesday said it is the Indian counterpart Mahindra & Mahindra which has bid for troubled Swedish auto firm Saab and not his group firm.

"We have not bid for SAAB, but another Indian company, Mahindra has," Tata told reporters here on the sidelines of the Geneva Motor Show here.

When contacted, a spokesperson for Mahindra & Mahindra declined to comment.

A report in the Indian media had stated that Tata Motors had made a bid for Saab for USD 350 million.

Tata said the focus for Tata Motors will be to build on the acquisition of British brands JLR, which it acquired from Ford in 2008 for USD 2.30 billion.

"I think right now we have our hands full with all acquisitions. We have two vibrant brands (Jaguar and Land Rover). Our focus is on to make them two most relevant and vibrant brands further," he said.

He, however, did not rule out further acquisitions in the component space mainly to enhance the company's technological prowess.

"We may acquire a technology firm or a component company for developing sourcing network, but we are not looking at acquiring a car company," Tata said.

When asked about JLR outperforming Tata Motors in terms of profitability and will it continue to do so, he said it was a temporary phenomenon and the parent firm will bounce back.

"There was a time when Tata Motors was supporting JLR fully when markets in Europe and the US were very negative, but they have come up very well. They have come up at a time when the Indian market has slowed somewhat. It's going to be a up and down situation as such," he said.

Tata further said whether one dominates the other depends on volume and the products.

"If JLR expands, it will be more profitable. If Tatas expand, they will be more profitable. All I can say is that the hope for Tatas to be more profitable is certainly there and it is a temporary phenomenon that JLR is supporting Tata Motors," he said.

JLR on Tuesday unveiled two products - Jaguar XF sportback and the concept convertible of Range Rover Evoque.

Tata Motors also unveiled a concept of its electric vehicle Megapixel that is likely to be commercially launched in around three years from now.

"Realistically such products take at least three years to develop. There are lots of electric technology to be developed, besides many other things," Tata said.