Tatas in talks with wealth funds to purchase Shapoorji Pallonji's stake: Report
Shapoorji Pallonji, on September 22, said it would exit Tata Sons, a move that might possibly put an end to the legal dispute.
September 28, 2020 / 09:28 AM IST
The Tata group is in talks with several investors, including sovereign wealth funds to raise funds and purchase the Mistry family's stake in Tata Sons.
Tata Sons Chairman N Chandrasekaran is leading the discussions to buy the the 18.4 percent stake of Mistry family-led Shapoorji Pallonji Group. according to a Mint report.
"Chandrasekaran has spoken to several potential investors, including a large European sovereign wealth fund," a source told the publication.
"The discussions are focused on the likely valuation and a possible exit map for the investors," the source added.
Also read: Cyrus Mistry vs Tata Sons | A timeline of events that led to the split
Moneycontrol could not independently verify the story.
Tata Sons and Shapoorji Pallonji have been locked in a legal dispute after Cyrus Mistry was ousted as the conglomerate's chairman in October 2016.
Shapoorji Pallonji, on September 22, said it would exit Tata Sons, a move that might possibly put an end to the feud.
"Both Tata and the Mistry family want a quick resolution of the court matters. Mistry firms are keen on a quick exit and want a complete separation," a source told Mint.
The Supreme Court, on September 22, restrained Shapoorji Pallonji from pledging or transferring Tata Sons shares until October 28, the date of the next hearing.
Senior advocate Harish Salve, appearing for Tata Sons, said the group was willing to buy Shapoorji Pallonji's stake.