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Tata Trusts faces internal rift among trustees over board appointments at Tata Sons, with factions aligned to Noel Tata and Mehli Mistry reportedly clashing ahead of the next board meeting.

Power struggle in Tata Trusts: Trustees clash over board appointments

Tata Trusts faces internal rift among trustees over board appointments at Tata Sons, with factions aligned to Noel Tata and Mehli Mistry reportedly clashing ahead of the next board meeting.

Tata Trusts, which exerts decisive influence over India's most valuable conglomerate through its about 66 per cent stake of Tata Sons, finds itself in the midst of infighting among its trustees over board appointment and governance issues.
Sources said the Trusts is said to be vertically split with one section aligned with Noel Tata, who was appointed chairman of the Trusts following the death of Ratan Tata. The other grouping of four trustees is led by Mehli Mistry, who has ties with the extended Shapoorji Pallonji family, which owns about 18.37 per cent of Tata Sons.
Mehli reportedly feels he has been kept out of the loop on key matters.
Sources said the flashpoint is said to be board seats at Tata Sons, which controls the 156-year-old group that spans around 400 companies, including 30 listed firms.
The dispute has its roots in a meeting of six trustees of the Tata Trusts, the umbrella group representing several charitable trusts, including the Sir Dorabji Tata Trust and Sri Ratan Tata Trust.
The meeting on September 11 was convened to consider the reappointment of former defence secretary Vijay Singh as a nominee director on the Tata Sons board.
There are seven trustees of the Tata Trusts, including Singh. Singh did not attend the September 11 meeting as his nomination was on the agenda.
Following the death of Ratan Tata in October 2024, Tata Trusts introduced a policy requiring annual reappointment of nominee directors on the Tata Sons board once they turn 75. At the September 11 meeting, the reappointment of 77-year-old Vijay Singh - a director since 2012 and trustee since 2018 - was proposed by Trusts Chairman Noel Tata and Venu Srinivasan (chairman emeritus of TVS Group).
However, the four other trustees - Mehli Mistry, Pramit Jhaveri, Jehangir HC Jehangir, and Darius Khambata - opposed the move, leading to the resolution's rejection.
Following the rejection, the four trustees sought to nominate Mehli Mistry to the Tata Sons board, but Noel Tata and Venu Srinivasan opposed the move, emphasising the need for a transparent process aligned with Tata&rsquo;s values. Subsequently, Vijay Singh voluntarily resigned from the Tata Sons board.
Another meeting of the Board of Tata Trusts is scheduled for October 10, but the agenda is not known.
When contacted, Tata Trusts, Tata Sons and Venu Srinivasan declined to comment.
Comments from Mehli Mistry could not be obtained as calls and messages remained unanswered.
Sources said that with the infighting among trustees of Tata Trusts threatening to impact the functioning of the over USD 180 billion conglomerate, the intervention of the government has become necessary.
"The primary question in front of the government, considering how significant and important the Tata Group is to the country's economy, is whether it can let an individual take control of it. The infighting among trustees of Tata Trusts has an impact on Tata Sons," a source said.
The development comes at a time when the deadline set by the RBI for public listing of Tata Sons, classified as an upper-layer shadow bank, expired on September 30, although the company has applied for "for voluntary surrender of the Certificate of Registration as a CIC (Core Investment Company) and to continue as an 'unregistered CIC'. The application is under examination by the RBI.
Some within the group feel that the four trustees led by Mehli Mistry have been trying to undermine Noel Tata's leadership in Tata Trusts.
The matter of listing Tata Sons under the RBI mandate is secondary at the moment compared to the threat of the Tata Group falling into the hands of a few individuals, another source noted.
Tata Trusts Chairman Noel Tata and Tata Sons Chairman N Chandrasekaran, along with some trustees of the Tata Trusts are likely to meet union cabinet ministers, reports say.

The shares will be offered at a price of ₹4,001 each, below Monday's closing price. This move aligns with Tata Sons' strategic investment objectives, reinforcing its position in the IT services sector. 

Tata Sons sells over 2 crore TCS shares in block deals; tech major's stock trades lower

The shares will be offered at a price of ₹4,001 each, below Monday's closing price. This move aligns with Tata Sons' strategic investment objectives, reinforcing its position in the IT services sector.&nbsp;

Tata Sons, the investment arm of the Tata Group has likely sold over 2 crore shares of Tata Consultancy Services or TCS through block deals.
The sale constitutes over 0.6% of TCS' total outstanding equity. As per exchange data, Tata Sons currently holds a substantial 72.4% stake in TCS.
Tata Sons to reduce debt
Reports, quoting Tata Group sources say that the share sale worth over ₹9,000 crore will help Tata Sons reduce its debt level. Tata Sons' efforts to cut its debt is being seen as a move aimed at avoinding an IPO, as manadated by the RBI rules.
TCS share price
TCS slipped in trade after this block deal where shares sold at ₹4,043 each, slightly lower than Monday's closing price of ₹4,152.5. JP Morgan and Citigroup handled the transaction.
Market sentiment 'optimstic'
Market sentiment towards TCS remains optimistic, with UBS recently issuing a 'buy' recommendation and revising the target price upwards. The brokerage highlighted TCS' potential for superior revenue growth, driven by factors such as large deal ramp-ups, revival in the BFSI segment, and increased cloud and discretionary spending.
What are block deals
Block deals, wherein large volumes of shares are transacted in a single transaction, have gained prominence in recent times. Notably, several major shareholders in prominent Indian companies, including ITC, Paytm, and Zomato, have utilized this mechanism for divestment purposes.

Spark Capital's report fueled market excitement, projecting a potentially groundbreaking IPO. Despite Tata Group's silence on the matter, investors remain intrigued, causing fluctuations in stock prices 

Tata stocks plunge on reports that Tata Sons may avoid an IPO

Spark Capital's report fueled market excitement, projecting a potentially groundbreaking IPO. Despite Tata Group's silence on the matter, investors remain intrigued, causing fluctuations in stock prices

Shares of various Tata Group companies plunged on Monday's trading session, March 11, 2024. The dip in stock prices came amid reports suggesting that Tata Sons, the holding company of the Tata Group, is reconsidering plans for its initial public offering
Why did Tata stocks crash?
The uncertainty surrounding the IPO plans has impacted various Tata group stocks. Last week, there was a buzz in the market regarding a possible initial public offering by Tata Sons, which led to a surge in the stock prices of various Tata Group firms, with some experiencing gains of up to 36%. However, these gains were reversed today due to speculations that Tata Sons might avoid going public. Tata Chemicals, for instance, saw a sharp decline, hitting its lower circuit of 10%, while Tata Investment Corporate was also locked in a 5% lower circuit.
RBI rules mandate Tata Sons IPO
The Reserve Bank of India's decision in 2022 categorised Tata Sons as an upper layer non-banking finance company, necessitating its listing by September 2025.
Despite seeking exemption from this listing rule, Tata Sons' plea was rejected, prompting the exploration of legal avenues for a solution.
&nbsp;Tata Sons is registered as a CIC with the Reserve Bank of India and has been classified as an "upper layer" NBFC, which requires the company to list on exchanges within three years of being notified.
The hype around Tata Sons' IPO
Last week, Spark Capital identified Tata Chemicals as the key potential play in the IPO and the stock had surged 36%. The stock, however, plunged over 10% today after reports said an IPO was unlikely.
If launched, Tata Sons' IPO was estimated to be the biggest ever, even surpassing Life Insurance Corporation of India&rsquo;s ₹21,000 crore offer. Spark&rsquo;s report said Tata Sons could be valued at ₹7-8 lakh crore through the IPO, based on the current market capitalisation of group companies.
Investors started buying Tata stocks, particularly Tata Chemicals, after the report, despite Tata Group never officially announcing plans for an IPO. Also Watch: <a href="https://www.editorji.com/business-news/markets/sensex-nifty-hit-fresh-record-highs-in-early-trade-on-thursday-1709790613415">Sensex, Nifty hit fresh record highs in early trade on Thursday</a>

As per RBI any core investment company that does not own more than Rs 100 crore in assets and doesn't raise public funds would not be considered as a CIC and upper layer NBFC thus side stepping RBI's grip. Such companies need not go for public listing

Tata Sons mulls debt restructuring to skip RBI rule-mandated IPO: Report

<h2>As per RBI any core investment company that does not own more than Rs 100 crore in assets and doesn't raise public funds would not be considered as a CIC and upper layer NBFC thus side stepping RBI's grip. Such companies need not go for public listing</h2>

Tata Sons, the holding company of Tata Group is exploring restructuring its balance sheet to avoid the RBI rule-mandated IPO, reported Times of India. This holding company of the $150 billion worth conglomerate is supposed to go public in 2025.&nbsp;
<h3>RBI rule-mandated IPO</h3>
As per RBI any core investment company (CIC) that does not own more than Rs 100 crore in assets and doesn't raise public funds (if it repays them or transfers them to a separate entity)&nbsp; would not be considered as a CIC and upper layer NBFC thus side stepping RBI's grip. Such companies need not go for public listing.
Also Read: <a href="https://www.editorji.com/business-news/tata-motors-to-spin-off-business-into-two-separate-listed-entities-demerger-to-take-12-15-months-1709552527786">Tata Motors to spin-off business into two separate listed entities, demerger to take 12-15 months</a>
However, Tata Sons is registered as a CIC with the RBI. The regulator has also classified it as an upper layer NBFC. This requires Tata Sons to go public within three years of being notified. The notification for Tata Sons came out in 2022.
<h3>Tata Sons debt restructure</h3>
As per Times of India, Tata Sons is exploring options of transferring its debt to a separate entity so that it is excluded from the 'upper layer' list. Tata Sons FY23 report shows that it has borrowings of Rs 20,000 crore.
Times of India quoted a lawyer and said that the company led by N Chandrasekaran has assets over Rs 100 crore and it has to reorganise its debt by either repaying its borrowings and becoming debt free or transfering it to a separate entity. This will enable the firm to deregister as a CIC from RBI.
&nbsp;
&nbsp;

The annual report also highlights Chairman N Chandrasekaran's announcement of an investment of $90 billion in the next five years, aiming to bolster both existing and new business ventures.

Tata Sons FY23 annual report: Revenue soars; Chairman N Chandrasekaran's remuneration rises

The annual report also highlights Chairman N Chandrasekaran's announcement of an investment of $90 billion in the next five years, aiming to bolster both existing and new business ventures.

Tata Sons, the holding company of the Tata Group, released its annual report for the financial year 2022-23.&nbsp; Tata Sons Chairman, N Chandrasekaran, saw his&nbsp; remuneration rise to ₹113 crore for FY23, an increase from ₹109 crore in FY22. Notably, this included a commission of ₹100 crore based on the company's profits.
In addition to Chandrasekaran's compensation, the report disclosed that other key executives received noteworthy remuneration as well. Executive Director Sourabh Agrawal received a total remuneration of ₹27.82 crore, with a commission of ₹22 crore. Ajay Piramal, the billionaire owner of the Piramal Group, received a remuneration of ₹2.8 crore for his role as a non-executive director.
On the financials front, Tata Sons' revenue surged by 45% to reach ₹35,058 crore in FY23, driven by dividends from its various subsidiary companies. The profit increased by 29% to ₹22,132 crore.
Among these, Tata Consultancy Services (TCS) played a pivotal role, delivering the highest dividend to Tata Sons. TCS distributed a dividend of ₹42,090 crore to its shareholders, significantly contributing to Tata Sons' strong financials.
Tata Sons managed to decrease its debt by 25% during FY23, marking a reduction from ₹27,516 crore to ₹20,642 crore. Additionally, the company announced an increased dividend payout of 1,750% for FY23 compared to 1,000% in the previous year.
Despite facing challenges within certain sectors, Tata Group stocks experienced a resurgence since April 1, with the group's market capitalization rising by 15% to ₹23.99 lakh crore.&nbsp;
The annual report also highlighted Chairman N Chandrasekaran's announcement of a substantial $90 billion investment over the next five years, aiming to bolster both existing and new business ventures.
&nbsp;

Few would know that India's best known beauty brand Lakme was started by the Tata Group.The first cosmetic company of independent India was Lakme founded in 1952. Interestingly the Tata archives reflect that the catalyst for the beauty business PM Nehru who wanted to rich Indians to stop splurging on imported cosmetics. After tying up with two French firms the anglicized version of 'Lakshmi' was born christened as we know it today. The beauty business was spearheaded by Noel Tata's mother Simone Tata who then became Chairperson of the beauty arm which opened it's first salon in 1980. But by 1998 the Tata's had had their share of beauty and sold their stake to the consumer products giant Unilever. More than a decade after the sale the Tata Group wants to get dressed and be part of the beauty bonanza that Nykaa is now 'hosting'. In an interview to Bloomberg  Noel Tata, non-executive chairman of Trent Ltd., Tata Group's retail unit stated, "Beauty products will be “a key focus for us” from now on along with footwear and underwear. Extended product line and experimentation with formats for these products are in the offing as we see these as growth areas in retail.”Experts estimate that Indian beauty retail market could be worth over $20 billion by 2025. 

Tata Group returns back to beauty, 23 years after selling off Lakme

The beauty business was spearheaded by Noel Tata's mother Simone Tata before being sold to Unilever in 1998. 

Back to beauty! Lakme's makers focus on segment after 2 decades

<ul>
<li>Noel Tata to Bloomberg: Beauty products will be &ldquo;a key focus for us&rdquo; from now on along with footwear and underwear.</li>
</ul>

Few would know that India's best known beauty brand Lakme was started by the Tata&nbsp;Group.The first cosmetic company of independent India,&nbsp;Lakme&nbsp;founded in 1952. Interestingly, the Tata&nbsp;archives reflect that the catalyst for the beauty business PM Nehru who wanted to rich Indians to stop splurging on imported cosmetics.&nbsp;
Also watch | <a title="Stock Alert! Paytm's pain continues as anchor lock-in ends, stock collapses" href="https://www.editorji.com/business-news/stock-alert-paytm-s-pain-continue-as-anchor-lock-in-ends-stock-collapses-1639549464399">Stock Alert! Paytm's pain continues as anchor lock-in ends, stock collapses</a> After tying up with two French&nbsp;firms the anglicized version of 'Lakshmi' was born christened as we know it today. The beauty business was spearheaded by Noel Tata's&nbsp;mother Simone Tata&nbsp;who then became Chairperson of the beauty arm which opened it's first salon in 1980. But by 1998 the Tata's&nbsp;had had their share of beauty and sold their stake to the consumer products giant Unilever.&nbsp; More than a decade after the sale the Tata&nbsp;Group wants to get dressed and be part of the beauty bonanza that Nykaa is now 'hosting'. In an interview to Bloomberg&nbsp;&nbsp;Noel Tata, non-executive chairman of Trent Ltd., Tata Group's retail unit stated, "Beauty products will be &ldquo;a key focus for us&rdquo; from now on along with footwear and underwear. Extended product line and experimentation with formats for these products are in the offing as we see these as growth areas in retail.&rdquo; Experts estimate that Indian beauty retail market could be worth over&nbsp;$20 billion by 2025.&nbsp;
&nbsp;

Keep your seat belts on as the turbulence may not be over. That is the message as one looks at the mammoth 'To-Do' list in front of the Tata&nbsp;Group that looks at not only stopping the millions per day losses from Air India but also hopes for a smooth integration into it's aviation kingdom with siblings Vistara&nbsp;and Air Asia.&nbsp;Let us talk losses!First up the losses. The govt though has pumped over Rs 30,000 cr into the airline over the past decade, Air India continues to lose $200 million a day. Conservative estimates indicate that stabilizing the airline in its current form will require access to credit of up to Rs 10,000&nbsp;crore annually. Air India's fleet of 127 aircraft are in dire need of upgrade and will add to the cost for owners sitting at Bombay House.Salary situation, the worrying wage billThen comes the people problem! Air India has in total close to 13,000 employees which will be the biggest challenge for Tata&nbsp;Sons. Though the new owners will get additional help as the Centre will clear the pending Rs 1,332 crore owed to the airline&rsquo;s employees, it might come out with a voluntary retirement scheme (VRS) to further pare the wage bill.&nbsp; The current wage bill for the carrier (post pandemic cuts) is at Rs 120 crore&nbsp;per day.&nbsp;Meet the siblings, playing nice with Vistara&nbsp;&amp; Air AsiaFinally the integration. With two already in the hangar, Tata's&nbsp;will face a Herculean task in making Air Asia, Vistara&nbsp;and Air India compliment each other for maximum efficiency.&nbsp;There are great schedule overlaps. Air India has a presence on all but six sectors where Vistara operates. The last thing Tata&nbsp;would want is for each of them chip away at the other&rsquo;s traffic rather than teaming up to eat into the competition&rsquo;s traffic.From Corus, JLR&nbsp;to Tetley&nbsp;the top management at Bombay House has proved their mettle time and again with iconic acquisition, the big question is can history repeat itself with Air India?

The 'To Do' for Air India: Can the Tatas revive the bankrupt Maharaja?

From Corus, JLR to Tetley the top management at Bombay House has proved their mettle time and again with iconic acquisitions, the big question is can history repeat itself with Air India? A look at the challenges facing the Tata Group. 

Seat belts stay on for Tata Sons as Air India's turbulence far from over

JLR, Corus to Air India, Tata&nbsp;Sons have a history of battles of reviving iconic industry brand names via acquisitions.&nbsp;

Keep your seat belts on as the turbulence may not be over. That is the message as one looks at the mammoth 'To-Do' list in front of the Tata&nbsp;Group that looks at not only stopping the millions per day losses from Air India but also hopes for a smooth integration into it's aviation kingdom with siblings Vistara&nbsp;and Air Asia.&nbsp; Let us talk losses! First up the losses. The govt though has pumped over Rs 30,000 cr into the airline over the past decade, Air India continues to lose Rs 20 crore a day. Conservative estimates indicate that stabilizing the airline in its current form will require access to credit of up to Rs 10,000&nbsp;crore annually. Air India's fleet of 127 aircraft are in dire need of upgrade and will add to the cost for owners sitting at Bombay House.
Also watch:&nbsp;Ratan Tata:&nbsp;<a title="'JRD would have been overjoyed, welcome back Air India'" href="https://www.editorji.com/business-news/ratan-tata-jrd-would-have-been-overjoyed-welcome-back-air-india-1633701468649">'JRD would have been overjoyed, welcome back Air India'</a> Salary situation, the worrying wage bill Then comes the people problem! Air India has in total close to 13,000 employees which will be the biggest challenge for Tata&nbsp;Sons. Though the new owners will get additional help as the Centre will clear the pending Rs 1,332 crore owed to the airline&rsquo;s employees, it might come out with a voluntary retirement scheme (VRS) to further pare the wage bill.&nbsp; The current salary payout (post pandemic cuts) is at Rs 120 crore&nbsp;per month.&nbsp; Meet the siblings, playing nice with Vistara&nbsp;&amp; Air Asia Finally the integration. With two already in the hangar, Tata's&nbsp;will face a Herculean task in making Air Asia, Vistara&nbsp;and Air India compliment each other for maximum efficiency.&nbsp;There are great schedule overlaps. Air India has a presence on all but six sectors where Vistara operates. The last thing Tata&nbsp;would want is for each of them chip away at the other&rsquo;s traffic rather than teaming up to eat into the competition&rsquo;s traffic. From Corus, JLR&nbsp;to Tetley&nbsp;the top management at Bombay House has proved their mettle time and again with iconic acquisitions, the big question is can history repeat itself with Air India?

Ratan&nbsp;Tata tweeted,"Welcome back Air India" as the national carrier&nbsp;comes back into the Tata&nbsp;hangar after 68 year.&nbsp;Tata&nbsp;admitted that though this sale is emotionally a big moment "it would take a considerable amount to rebuild the prestige of the airline."The airline was founded by&nbsp;J.R.D.&nbsp;as Tata Airlines in 1932,&nbsp;with a capital of Rs 2 lakh given by a reluctant Sir Dorabji Tata, the then chairman of Tata Sons. The initial service offered a weekly airmail service between Karachi and Madras via&nbsp;Ahmedabad&nbsp;and Bombay.
In 1946, the aviation division of Tata Sons was listed as Air India and in 1948, Air India International was launched with flights to Europe.&nbsp;Post indepence in 1948, the Indian government bought 49 percent stake in the airline to finally acquire the airline from J.R.D. Tata&nbsp;in 1953.&nbsp;J.R.D&nbsp;however continued to be at helm for Air India till 1977 accepting&nbsp;only Re 1 a year as salary.And as the current Chairman (Emeritus) of the salt-to-software conglomerate tweeted,&nbsp;It would&nbsp;have overjoyed the original pilot of the airline, JRD&nbsp;Tata&nbsp;to know that Air India is back home.&nbsp;

Ratan Tata; 'JRD would have been overjoyed, welcome back Air India'

An ode to JRD, the original pilot to the Maharaja as Air India flies back home to the Tata Group. 

An emotional Tata welcomes Air India back home

<ul>
<li>Air India back in founder Tata's&nbsp;fold after 68 years</li>
<li>Rata&nbsp;Tata&nbsp;calls Air India sale&nbsp;a big emotional moment&nbsp;</li>
<li>Airline was&nbsp;founded by&nbsp;J.R.D.&nbsp;as Tata Airlines in 1932</li>
<li>Initially,&nbsp;Tata&nbsp;airlines offered a weekly airmail service</li>
<li>Air India International started flights to Europe in 1948</li>
<li>After 1947, the govt bought a 49% stake in Tata&nbsp;Airlines&nbsp;</li>
</ul>

The airline was founded by&nbsp;J.R.D. Tata&nbsp;as Tata Airlines in 1932.&nbsp;

Ratan&nbsp;Tata tweeted,"Welcome back Air India" as the national carrier&nbsp;comes back into the Tata&nbsp;hangar after 68 years.&nbsp;Tata&nbsp;admitted that though this sale is emotionally a big moment "it would take a considerable amount to rebuild the prestige of the airline." The airline was founded by&nbsp;J.R.D.&nbsp;as Tata Airlines in 1932,&nbsp;with a capital of Rs 2 lakh given by a reluctant Sir Dorabji Tata, the then chairman of Tata Sons. The initial service offered a weekly airmail service between Karachi and Madras via&nbsp;Ahmedabad&nbsp;and Bombay.
In 1946, the aviation division of Tata Sons was listed as Air India and in 1948, Air India International was launched with flights to Europe.&nbsp; Post-independence in 1948, the Indian government bought a 49 percent stake in the airline to finally acquire the airline from J.R.D. Tata&nbsp;in 1953.&nbsp; J.R.D&nbsp;however continued to be at the helm for Air India till 1977 accepting&nbsp;only Re 1 a year as salary. And as the current Chairman (Emeritus) of the salt-to-software conglomerate tweeted,&nbsp;It would&nbsp;have overjoyed the original pilot of the airline, JRD&nbsp;Tata&nbsp;to know that Air India is back home.&nbsp;

Salt-to-software conglomerate Tatas have won the bid to acquire debt-laden state-run Air India offering Rs 18,000 crore for acquiring 100 per cent shareholding, a senior government official said on Friday.
An SPV of Tata Sons - the holding company of conglomerate - has emerged as successful bidder, Tuhin Kanta Pandey, secretary to the Department of Investment and Public Asset Management (DIPAM) -- the government department responsible for privatisation - said.
Tata Sons beat SpiceJet promoter to bag Air India.
The DIPAM secretary said Tatas' bid of Rs 18,000 crore comprises taking over of 15,300 crore of debt and paying the rest in cash.
Both bidders had quoted above the reserve price, he said adding the transaction is planned to be closed by December.
He said a group of ministers comprising Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal and Civil Aviation Minister Jyotiraditya Scindia has cleared the winning bid for Air India on October 4.
This marks the return of Air India to the Tatas.
Jehangir Ratanji Dadabhoy (JRD) Tata founded the airline in 1932. It was called Tata Airlines then. In 1946, the aviation division of Tata Sons was listed as Air India and in 1948, Air India International was launched with flights to Europe.
The international service was among the first public-private partnerships in India, with the government holding 49 per cent, the Tatas keeping 25 per cent and the public owning the rest.
In 1953, Air India was nationalised.
The government is selling 100 per cent of its stake in the state-owned national airline, including Air India's 100 per cent shareholding in AI Express Ltd and 50 per cent in Air India SATS Airport Services Private Ltd

Air India back in Tata fold, company acquires national carrier for ₹18,000 cr

Air India back in Tata fold, acquires national carrier for ₹18,000 cr

Tata Sons beat SpiceJet promoter to bag Air India.

Salt-to-software conglomerate Tatas have won the bid to acquire debt-laden state-run Air India offering Rs 18,000 crore for acquiring 100 per cent shareholding, a senior government official said on Friday.
An SPV of Tata Sons - the holding company of conglomerate - has emerged as successful bidder, Tuhin Kanta Pandey, secretary to the Department of Investment and Public Asset Management (DIPAM) -- the government department responsible for privatisation - said.
Tata Sons beat SpiceJet promoter to bag Air India.
The DIPAM secretary said Tatas' bid of Rs 18,000 crore comprises taking over of 15,300 crore of debt and paying the rest in cash.
Both bidders had quoted above the reserve price, he said adding the transaction is planned to be closed by December.
He said a group of ministers comprising Home Minister Amit Shah, Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal and Civil Aviation Minister Jyotiraditya Scindia has cleared the winning bid for Air India on October 4.
This marks the return of Air India to the Tatas.
Jehangir Ratanji Dadabhoy (JRD) Tata founded the airline in 1932. It was called Tata Airlines then. In 1946, the aviation division of Tata Sons was listed as Air India and in 1948, Air India International was launched with flights to Europe.
The international service was among the first public-private partnerships in India, with the government holding 49 per cent, the Tatas keeping 25 per cent and the public owning the rest.
In 1953, Air India was nationalised.
The government is selling 100 per cent of its stake in the state-owned national airline, including Air India's 100 per cent shareholding in AI Express Ltd and 50 per cent in Air India SATS Airport Services Private Ltd

Tata Sons has reportedly submitted its bid for the distressed national carrier Air India which has a debt of ₹ 43,000 crore. &nbsp;The government is expected to complete the bidding process on Wednesday. Aviation Minister Jyotiraditya Scindia had earlier made it clear that September 15 deadline for the process is fixed and will not change
The Finance Ministry said Air India received financial bids for its disinvestment process.
The government is planning to sell a 100% stake in the airline and its low-cost arm Air India Express as well as a 50% stake in ground handling company Air India SATS Airport Services Private Limited (AISATS).
Other properties which include Mumbai's Air India building and Delhi's Airlines House will also be part of the deal.
Tatas set up Tata Airlines in 1932, which was later in 1946 renamed as Air India. The government took control of the airline in 1953 but JRD Tata continued to be its chairman till 1977
At present, Tata operates Vistara in partnership with Singapore Airlines and AirAsia India in partnership with Malaysia's AirAsia.

Air India disinvestment: Tata Sons bids to reclaim the Maharaja

Maharaja on sale! Will Tata's get back in the pilot position&nbsp;

Tata Sons submits bid for distressed national carrier Air India
Govt planning to sell a 100% stake in Air India &amp; Air India Express
National carrier Air India which has a debt of ₹ 43,000 crore
Tatas set up Tata Airlines in 1932, was renamed Air India in 1946
&nbsp;

The Finance Ministry said Air India received financial bids for its disinvestment process.&nbsp;Tata Sons has reportedly submitted its bid for the distressed national carrier which has a debt of ₹ 43,000 crore

The bids for <a href="https://www.editorji.com/story/delhi-hc-quashes-air-india-s-decision-terminating-pilots-orders-reinstatement-1622550384464" target="_blank">Air India</a> have officially opened and reports suggest that&nbsp;Tata Sons has submitted its bid for the distressed national carrier Air India which has a debt of ₹ 43,000 crore. &nbsp;
The government is planning to sell a 100% stake in the airline and its low-cost arm Air India Express as well as a 50% stake in ground handling company Air India SATS Airport Services Private Limited (AISATS).
Other properties which include Mumbai's Air India building and Delhi's Airlines House will also be part of the deal.
Tatas set up Tata Airlines in 1932, which was later in 1946 renamed as Air India. The government took control of the airline in 1953 but JRD Tata continued to be its chairman till 1977
At present, Tata operates Vistara in partnership with Singapore Airlines and AirAsia India in partnership with Malaysia's AirAsia.
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Tata Sons, through its wholly-owned subsidiary Tata Digital, has acquired a majority stake of 64% in&nbsp;e-grocery seller&nbsp;BigBasket.&nbsp;
The&nbsp;₹9,500 crore deal puts&nbsp;Tata Group in a direct race with Amazon, Flipkart,&nbsp;JioMart&nbsp;and SoftBank-backed&nbsp;Grofers.
The deal comes at a time when the Covid-19 pandemic and resultant lockdowns have spurred a big shift to online shopping, especially for food and groceries.&nbsp;
Tata Digital is building 'Super App' that will provide a single-point access to a variety of Tata consumer businesses and looks to strengthen its e-tail portfolio through the acquisition.

Tata Sons puts BigBasket in its shopping cart

Tata Sons, through its wholly-owned subsidiary Tata Digital, has acquired a majority stake of 64% in&nbsp;e-grocery seller&nbsp;BigBasket.&nbsp;

Tata Sons, through its wholly-owned subsidiary Tata Digital, has acquired a majority stake of 64% in&nbsp;e-grocery seller&nbsp;BigBasket.&nbsp;
The&nbsp;₹9,500 crore deal puts&nbsp;Tata Group in a direct race with Amazon, Flipkart,&nbsp;JioMart&nbsp;and SoftBank-backed&nbsp;Grofers.
The deal comes at a time when the Covid-19 pandemic and resultant lockdowns have spurred a big shift to online shopping, especially for food and groceries.&nbsp;
Tata Digital is also building a 'Super App' that will provide a single-point access to a variety of Tata consumer businesses and looks to strengthen its e-tail portfolio through the acquisition.

14 listed companies,&nbsp;totaling&nbsp;a value of ₹10.1 lakh crore, that&rsquo;s the value held in the stock market by the salt to software conglomerate Tata Sons. The massive rally in Tata Steel due to the global metal&nbsp;supercycle, supported by Tata Motors and Power as well has supported the&nbsp;upmove&nbsp;largely given by the heavyweight TCS. Overall&nbsp;the value of Tata Sons&rsquo; holdings is up a whopping 86% in just one year.&nbsp;

₹10 lakh crore: The worth of listed holdings of Tata Sons

14 listed companies,&nbsp;totaling&nbsp;a value of ₹10.1 lakh crore, that&rsquo;s the value held in the stock market by the salt to software conglomerate Tata Sons. The massive rally in Tata Steel due to the global metal&nbsp;supercycle, supported by Tata Motors and Power as well has supported the&nbsp;upmove&nbsp;largely given by the heavyweight TCS. Overall&nbsp;the value of Tata Sons&rsquo; holdings is up a whopping 86% in just one year.&nbsp;

The swiftness of the second wave has left everyone shocked, , Tata Sons Chairman N Chandrasekaran tells Vikram Chandra that there is a fine balance required to ensure that the economy doesn&rsquo;t suffer.

How digital can help balance the lives VS livelihood debate in the second wave

The swiftness of the second wave has left everyone shocked, , Tata Sons Chairman N Chandrasekaran tells Vikram Chandra that there is a fine balance required to ensure that the economy doesn&rsquo;t suffer.

Tata Sons' Chairman in conversation with Vikram Chandra says there needs to be unprecedented urgency to raise the pace of vaccination in India, even if that means reinventing protocol and replicating vaccines

Tata appeals for unprecedented urgency for mass vaccine production

Tata Sons' Chairman in conversation with Vikram Chandra says there needs to be unprecedented urgency to raise the pace of vaccination in India, even if that means reinventing protocol and replicating vaccines

The pandemic pushes digital innovation centre stage. Tech Vetran N Chandrashekhar talks to Vikram Chandra on tech bridging the gaps during Covid and beyond

N Chandra at AIMA National Convention

The pandemic pushes digital innovation centre stage. Tech veteran N Chandrasekaran&nbsp;talks to Vikram Chandra on tech bridging the gap during Covid and beyond

The pandemic pushes digital innovation centre stage. Tech veteran N Chandrasekaran&nbsp;talks to Vikram Chandra on tech bridging the gap during Covid and beyond

The Mint reports that Tata Sons is now the front-runner to buy state-run Air India, and is likely to submit the financial bid as early as this month.
Pension liability, ownership of real&nbsp;estate were some of the points that required clarity for the Tata Group and reports indicate the govt has provided the required information.&nbsp;
With a loss of Rs 10,000 cr for the last fiscal the Govt is keen to close the sale of the Maharaja by June else they would be forced to shut down operations for the national carrier.&nbsp;

Tata gear up to fly Air India again, Maharaja’s sale in final stage

Reports indicate&nbsp;Tata Sons is now the front-runner to buy state-run Air India, and is likely to submit the financial bid as early as this month.

The Mint reports that Tata Sons is now the front-runner to buy state-run Air India, and is likely to submit the financial bid as early as this month.
Pension liability, ownership of real&nbsp;estate were some of the points that required clarity for the Tata Group and reports indicate the govt has provided the required information.&nbsp;
With a loss of Rs 10,000 cr for the last fiscal the Govt is keen to close the sale of the Maharaja by June else they would be forced to shut down operations for the national carrier.&nbsp;

As per The Mint, internal calculations at Tata Sons is pegging the equity value of the salt to software conglomerate at $70 billion.
By this calculation the share of the Shapoorji Pallonji group at 18.4% stands at $12.84 billion or&nbsp;₹94,000 crore. This figure though higher than the initial Rs70,000 cr offered by Tata Sons is still much lower than the Rs 1.7 lakh crore the SP group had demanded&nbsp;
Sources have told Mint that bankers have worked with Tata Group to arrive at this valuation which will be key in finalising the separation plan which still hangs in a limbo.&nbsp;

What’s Mistry’s stake worth? A peek into Tata’s internal calculations 

What&rsquo;s Mistry&rsquo;s stake worth? A peek into Tata&rsquo;s internal calculations shows a valuation gap of over Rs 70,000 cr between the Tata's&nbsp;math and. the SP Groups' demands.

<ul>
<li>Reports indicate Tata's internal valuation pegs equity value of Tata&nbsp;Sons @ $70 billion</li>
<li>As per Tata's&nbsp;internal calculation SP Group stake worth Rs 94,000 cr&nbsp;</li>
<li>Valuation of over RS 70,000 cr between Tata&nbsp;and SP group demands</li>
<li>SP Group stake value left undecided by Supreme Court verdict</li>
</ul>

As per The Mint, internal calculations at Tata Sons is pegging the equity value of the salt to software conglomerate at $70 billion.
By this calculation the share of the Shapoorji Pallonji group at 18.4% stands at $12.84 billion or&nbsp;₹94,000 crore. This figure though higher than the initial Rs70,000 cr offered by Tata Sons is still much lower than the Rs 1.7 lakh crore the SP group had demanded&nbsp;
Sources have told Mint that bankers have worked with Tata Group to arrive at this valuation which will be key in finalising the separation plan which still hangs in a limbo.&nbsp;

Reports indicate that Tata Sons is exploring the option of selling stake in it&rsquo;s financial services unit such as&nbsp;Tata Capital Ltd and Tata Asset Management Ltd.
Sources told The Mint that talks were in an&nbsp;initial stage even as some large global banks have been sounded off.&nbsp;

Tata Group explore stake sale in Tata Capital, Tata AMC

In a bid to unlock value and also capital Tata&nbsp;Group is exploring the option of a stake sale in some of it's financial services units as per reports.&nbsp;

Reports indicate that Tata Sons is exploring the option of selling stake in it&rsquo;s financial services unit such as&nbsp;Tata Capital Ltd and Tata Asset Management Ltd.
 Sources told The Mint that talks were in an&nbsp;initial stage even as some large global banks have been sounded off.&nbsp;

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