The Tata Group, which has taken over big brands such as Jaguar Land Rover and UK-based Corus Steel, is said to be in talks to acquire multiple firms including Bisleri. Reports of an acquisition by Tata had catapulted stocks of UTI AMC by 10 per cent during the day. But in response to questions about the deal, the steel to automobile conglomerate has said that it isn't aware of any such talks to buy a majority stake in UTI Asset Management firm.
According to an exchange filing, Tata Investments said that they, "Would like to clarify that Tata Investment Corp Ltd is not aware of any information on the aforementioned news item and hence unable to comment on the same."
Tata Investment assured compliance and added that it will make required disclosures. At the same time, UTI Asset Management stated that it wasn't participating in any negotiation being reported. Despite the shift in share value, the firms maintained that the report didn't have any material impact on them.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)
