(Reuters) – Tata Motors Ltd is exploring options for its luxury car unit Jaguar Land Rover Automotive Plc, including a potential stake sale, according to two media reports on Friday.

The company is considering options including a minority stake sale in the JLR unit or finding a venture partner that would jointly develop vehicles and lower costs, according to the reports.

The company may prefer to keep control of JLR, and rather seek fresh equity from investors, BloombergQuint said, citing a Bloomberg report.

The discussions are at an early stage and Tata Motors has held preliminary talks with potential advisers, ET Now reported.

Investors welcomed the news of a potential stake sale, with Tata Motors shares jumping as much as 3.7 percent to 184 rupees.

Tata Motors posted its biggest-ever quarterly loss in Indian corporate history of about $4 billion last month, hurt by slumping China sales.

The company also warned the Jaguar Land Rover (JLR) unit, which brings in most of its revenue, would swing to an operating loss in the year to March versus an earlier projection for breakeven, given weak sales at the luxury British carmaker.

Tata Motors did not immediately respond to a Reuters request for comment. However, the company told television channel ET Now that there was “no truth to the rumours that co is looking to divest its stake in JLR”.