Tata Motors on Monday tried to scotch speculation that the automaker could be looking at divesting its stake in luxury car brand Jaguar Land Rover.

“There is no truth to the rumours that Tata Motors is looking to divest stake in JLR or discontinue the Jaguar brand,” N Chandrasekaran, Chairman, Tata Motors and Jaguar Land Rover, said in a statement.

“We have belief in the potential of JLR’s distinctive premium products and brands as well as in JLR’s design and engineering capabilities. We are confident that these inherent strengths, coupled with the focussed efforts by the management to drive performance in the medium term by improving its operational leverage will help JLR deliver consistent, competitive and cash accretive growth in the coming years,” he added.

Chandrasekaran, however, maintained that JLR will face global headwinds and said that the management is taking steps to “drive operational excellence, whilst continuing to invest in innovative products and technology to stay competitive globally.” According to British news reports, JLR on Monday assured UK Prime Minister Theresa May of the company’s commitment to Britain’s automotive industry despite the ongoing Brexit turmoil.

Chandrasekaran is said to have written to the British Prime Minister emphasising the group’s plans to keep investing in JLR and that he has no intention of selling the firm.

Tata Sons bought JLR from Ford in 2008 and soon turned it around into a profitable company. However, challenges in China, the company’s largest market along with Brexit related uncertainties have impacted Tata Motors’ largest subsidiary heavily. It has forced JLR into job cuts, shedding more than 1,000 agency staff and putting 2,000 workers at its Castle Bromwich plant in the West Midlands on a three-day week.

The company has on multiple occasions warned on a sever impact on its financials in case of a “hard Brexit.”