It is Mahindra not us which have bid for Saab: Ratan Tata

When contacted,a spokesperson for Mahindra & Mahindra declined to comment.

A report in the Indian media had stated that Tata Motors had made a bid for Saab for USD 350 million.

Tata said the focus for Tata Motors will be to build on the acquisition of British brands JLR,which it acquired from Ford in 2008 for USD 2.30 billion.

“I think right now we have our hands full with all acquisitions. We have two vibrant brands (Jaguar and Land Rover). Our focus is on to make them two most relevant and vibrant brands further,” he said.

He,however,did not rule out further acquisitions in the component space mainly to enhance the company’s technological prowess.

“We may acquire a technology firm or a component company for developing sourcing network,but we are not looking at acquiring a car company,” Tata said.

When asked about JLR outperforming Tata Motors in terms of profitability and will it continue to do so,he said it was a temporary phenomenon and the parent firm will bounce back.

“There was a time when Tata Motors was supporting JLR fully when markets in Europe and the US were very negative,but they have come up very well. They have come up at a time when the Indian market has slowed somewhat. It’s going to be a up and down situation as such,” he said.

Tata further said whether one dominates the other depends on volume and the products.

“If JLR expands,it will be more profitable. If Tatas expand,they will be more profitable. All I can say is that the hope for Tatas to be more profitable is certainly there and it is a temporary phenomenon that JLR is supporting Tata Motors,” he said.

JLR today unveiled two products — Jaguar XF sportback and the concept convertible of Range Rover Evoque.

Tata Motors also unveiled a concept of its electric vehicle Megapixel that is likely to be commercially launched in around three years from now.

“Realistically such products take at least three years to develop. There are lots of electric technology to be developed,besides many other things,” Tata said.

Tata Motors said Megapixel combines a lithium ion phosphate battery and an on-board petrol engine generator for recharging on the move.

It claims that the 4-seater electric vehicle offers a range of up to 900 km (with a single tank of fuel) and fuel economy of 100 km per litre (under battery only power).

“Based on the Pixel that we showed last year here,the Megapixel has been developed by our design centres in India,the UK and Italy. It is for discerning motorists in any megacity of the world,” Tata Motors Managing Director (India Operations) P M Telang said.

The company also unveiled an advanced variant of its SUV Safari.

“The new variant — Safari Storme — will be launched commercially during the first half of the next fiscal,” Telang said.

JLR also unveiled the Jaguar XF Sportback here and said more products are in the pipeline.

Jaguar Global Brand Director Adrian Hallmark said: “Last year we introduced five products. This year we will announce at least six more products.”