Tata Motors to sell 9.9% in Tata Tech for Rs 1,614 cr
New Delhi:
Tata Motors on Friday said it has inked a pact to sell around 10% stake in its subsidiary Tata Technologies to TPG Rise Climate for Rs 1,613.7 crore. The company has entered into share purchase agreements to sell a 9.9% stake in Tata Technologies Ltd (TTL), the Mumbai-based auto major said. TPG Rise Climate is the lead investor for this transaction, which ascribes an equity valuation of Rs 16,300 crore for TTL, it added. “This transaction furthers Tata Motor’s de-leveraging agenda and is expected to close in the next two weeks on completion of customary closing procedures,” the automaker said.
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