Tata Motors, India's biggest commercial vehicle maker, denied on Wednesday it was considering buying Japanese conglomerate Sumitomo's majority stake in Indian truck and bus maker Swaraj Mazda.
India's Economic Times newspaper reported earlier in the week that Tata was mulling purchasing 54 per cent of Swaraj Mazda in a deal worth up to 54 million dollars.
"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 said in a statement.
"Tata Motors denies any such interest," the company said.
Tata Motors is a major player in India's commercial vehicle market, which is set to see the entry of competitors such as General Motors and its Chinese partner SAIC.