Tata denies interest in Ferrari stake
Italy's L'Espresso news magazine had quoted Ratan Tata as saying he would like to buy a stake in Ferrari.Updated: Mar 10, 2008 18:02 IST
India's Tata Group, which is in final talks to buy Ford Motor Co's Jaguar and Land Rover luxury brands, denied on Monday a magazine report that it was interested in a stake in Ferrari.
Italy's L'Espresso weekly news magazine on Friday had quoted Chairman Ratan Tata as saying in an interview he would like to buy a stake in Fiat's luxury sports car unit Ferrari.
"Tata Group wishes to clarify that the statement has been misquoted and taken out of context," a spokesman for Tata Group said on Monday.
"The report is completely untrue," he said in a statement.
Tata Motors Ltd has manufacturing and distribution ventures with Fiat for cars and engines in India and for commercial vehicles in South America. Both companies have said they would explore other areas of cooperation.