Tata Motors chairman says Saab not in its sights

The chairman of India's Tata Motors strongly denied on Tuesday a report that his company had placed a $350 million (265.1-million-euro) bid to buy bankrupt Swedish car maker Saab Automobile.

"That is misinformation," Ratan Tata told AFP, speaking after the unveiling of the Indian company's new four-seater urban electric car, the Megapixel, at the Geneva Motor Show. "We are making no move on SAAB," he said.

India's Financial Express had reported that Tata had been in negotiations with Saab and private equity players for a potential acquisition by its Jaguar-Land Rover unit.

Last month, Saab officials said that at least four companies had placed preliminary bids for a buy-out -- most of them from outside Sweden.

Saab, owned by Dutch company Swedish Automobile, filed for bankruptcy in December after numerous failed deals to keep it afloat.

All of Saab's assets would be for sale, the company has said.

Tata Motors, which also makes the world's cheapest car, the Nano, bought British luxury brands Jaguar and Land Rover from US Ford Motor in 2008 for ê2.3 billion as part of its plans to expand beyond Asia.
 

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