Tata Motors, the Indian owner of Jaguar Land Rover, said Tuesday that it is not looking to sell its stake in the British automaker but will pursue appropriate partnership opportunities with the goal of reducing costs. 

"We're not going to sell," Tata chairman Natarajan Chandrasekaran told Bloomberg. "Auto is a core business for us. From revenue terms, auto is our largest company." 

Chandrasekaran noted that JLR is facing headwinds on several fronts, including the U.S.-China tariffs, Brexit, the uprising in Hong Kong, and a downturn in the Chinese automotive market. He also said Jaguar Land Rover needs to sell the right models, invest in electric vehicles, and determine how to cut costs.

Chandrasekaran said the company will continue to look for partnerships, but does not just want to sell stake and be hands-off. He said Tata is not simply an investment group; it "runs companies."

At this point, the most likely tie-up for JLR appears to be BMW, which has been in talks with the Brits over collaborations in both platforms and powertrains, with an emphasis on electrification.

BMW is hard at work on next-generation modular electric powertrain. The most potent variant of this system powers a 5-Series GT prototype that produces 670 horsepower, but a scaled-down version (using fewer power modules) is expected to see production in the company's new iX3 crossover. 

Beneath that, BMW's FAAR platform is said to be a target of opportunity for JLR, which wants to build something to slot below its compact E-Pace and I-Pace crossovers. This platform underpins BMW's 1-Series hatchback, and is compatible with the company's electrified powertrain program. 

This partnership makes sense on multiple levels. Not only have the two been visibly cozying up over the past year, but they've also been down this road before. The two partnered on the third-generation Range Rover, which employed both gasoline- and diesel-burning BMW engines (both V-8 and inline-6) back in the early oughts

Of course, BMW may not be the partner. Automakers partner up on projects all the time without necessarily buying into each other. We'll follow this story as it plays out.