Homegrown auto major Tata Motors denied selling upto 49 percent stake in its domestic passenger vehicle (PV) business.

“Securing a mutually beneficial alliance is a priority for Tata Motors. However, it is not an imperative for today but an opportunity to be secured for tomorrow”, the company told said on Tuesday evening.

The company further added, “The imperative for today is to win sustainably by delivering market beating growth and positive free cash flows by delighting our customers with exciting products and exceptional service while continuing to drive a strong cost savings agenda.”

This statement comes in response to a news report stating that Tata Motors has set the ball rolling to induct a foreign strategic partner in its India passenger vehicle business by transferring the unit to a wholly-owned subsidiary for Rs 9,417 crore.

“The India passenger car business is something that we want to run and hence, we will not hand over majority control of the unit,” the report said anonymously quoting a top official of the company.

“Partnership is the future of our passenger vehicle business,” the quote further added.