It's still looking for a strategic partner for its UK operation.

While Tata has previously insisted that Jaguar Land Rover is not for sale, it does continue to look for a strategic partner for its British subsidiary.

But according to market analysis, Tata Motors doesn't just need help for Jaguar Land Rover, but it needs Jaguar Land Rover itself, because the Indian conglomerate is said to be worth nothing without it.

Investment group CLSA has said that Tata faces increased debt because of the ongoing coronavirus crisis, and that its plan to deleverage may be delayed by four to six quarters.

Jaguar Land Rover showroom in Kentdale UK

"JLR is the only driver of its valuation," said analyst Amyn Pirani according to Automotive News Europe. "We believe future equity infusions are also likely to be utilised for loss funding and hence we do not attribute any equity value to its India business."

In India, demand for cars has slumped since the onset of the coronavirus, and dealers have not been able to acquire any new cars since April.

The coronavirus has also brought a sudden halt to Jaguar Land Rover's turnaround plans. The company could see its profit margin hit by as much as three percent for the 2020 fiscal year with its earnings before interest and tax could be lower than anticipated because of the decrease in sales brought about by the crisis.