Tata Motors Passenger Vehicles (NSE:TMPV, BOM:544569) said there has been no material development regarding its discussions with Stellantis, in response to media reports that the two firms were close to finalizing a partnership agreement, according to a Thursday filing with the Indian bourses.

The clarification followed a Moneycontrol.com report, which cited comments by Tata Motors PV Managing Director Shailesh Chandra at the company's Investor Day on June 23, saying the companies were nearing a deal to expand their collaboration.

Building on their more than two decades of partnership through Fiat India Automobiles, a joint venture that produces multi-brand vehicles in India, the companies signed a non-binding memorandum of understanding in February to explore collaboration in manufacturing, engineering and supply chain operations.

"The discussions are ongoing, and no definitive agreement has been agreed upon or executed between the parties as on date," Tata Motors said.