Tata Motors Eyes Actis Stake in Swaraj Mazda

MUMBAI (Reuters) – Tata Motors (TAMO.BO), India’s largest commercial vehicles maker, is looking at buying private equity firm Actis’ stake in truck and bus maker Swaraj Mazda (SWRJ.BO), the Economic Times reported on Tuesday.

UK-based Actis, which owns 7.74 percent in Swaraj and another 9.28 percent through its unit CDC, is considering exit options, the newspaper said, citing unidentified people familiar with the matter.

Other auto makers, including an engineering firm, are also looking at the Actis stake in Swaraj Mazda, which is majority owned by Sumitomo Corp (8053.T), the paper said.

“This is speculative,” a Tata Motors spokesman told Reuters and declined further comment on the report.

Actis India head J.M. Trivedi refused to comment on the issue, the paper said. (Reporting by Janaki Krishnan)