Indian newspaper Financial Express reported Tuesday that Tata Motors had made a $350 million bid for assets of failed Swedish car maker Saab Automobile.

However, Tata Motors Chairman Ratan Tata denied the report that the company, India's largest auto maker by revenue, has placed a bid for the Saab assets.

"No we didn't," he told the Wall Street Journal on the margins of a motor show. "But I know another Indian company has: Mahindra."

Mahindra & Mahindra Ltd., India's largest sport-utility vehicle maker by sales, called it a speculation.

The Financial Express report was citing people aware of the matter. It said that Tata Motors' global acquisition team has been in talks with Saab and private-equity players for a prospective acquisition by its U.K.-based unit Jaguar Land Rover.

A number of international auto players are said to be interested in laying their hands on Saab assets.

In recent days Chinese Zhejiang Youngman Lotus Automobile Co has met with both the Swedish government and the new leader of the leading opposition party in an attempt to buy Saab Automobile, according to news sources.

Also Swedish car maker Volvo Car Corp, owned by Chinese Zhejiang Geely Holdings Group Co, has reportedly placed a bid for bankrupt Swedish car maker Saab Automobile's assets.

Other named parties include Turkish investment company Brightwell Holding, German carmaker BMW and China's Beijing Automotive Investment BAIC.