Tata Motors buying stake auto maker

India's largest carmaker Tata Motors is considering buying a stake in truck and bus manufacturer Swaraj Mazda, a report said Tuesday. The auto giant is looking at buying the 17 per cent stake from private equity firm Actis, according to the Economic Times business daily, citing people familiar with the matter. Actis owns a 7.7 per cent direct stake in Swaraj and 9. 3 per cent through its parent CDC. A spokesperson for Tata Motors said the report was 'purely speculative' while Actis' India head, JM Trivedi, refused to comment, the Economic Times reported on its web site. Swaraj Mazda makes buses, trucks and ambulances for the Indian market and is majority owned by Japan-based Sumitomo Corporation, which raised its shareholding to 53.5 per cent this year. Actis is a private equity firm focused on emerging markets, with more than $4.8 billion under management, according to its web site.