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Company Overview of Tata Sons Limited
Company Overview
Bombay House
24, Homi Mody Street
Mumbai, 400 001
India
Founded in 1868
Key Executives for Tata Sons Limited
Tata Sons Limited Key Developments
Tata Sons Limited has cancelled plans to divest 2.72% stake in Tata Teleservices (Maharashtra) Limited (BSE:532371) for meeting the minimum public shareholding norms. On May 15, 2013, it was announced that Tata Sonswould will divest 51,623,679 shares representing 2.72% sake in Tata Teleservices (Maharashtra) on May 17, 2013. In a filing to the BSE, Tata Teleservices (Maharashtra) said: "Tata Sons Limited has now informed BSE that they have decided to cancel the sale in full." Tata Teleservices (Maharashtra)’s shares fell 8.58% to close at INR 8.10.
Tata Sons Limited and Telenor ASA (OB:TEL) are seeking merger or sale options for Tata Teleservices Limited. Both have appointed merchant bankers to advise them on a possible strategic alliance that could include merger or sale of equity in Tata Teleservices. While Telenor has appointed Citibank, the Tatas have roped in Lazard to study all options for their telecom business. The Tatas own 59.5% in Tata Teleservices and NTT DOCOMO, Inc. owns 26% in Tata Teleservices, while the remaining equity is held by minority investors, including the Sivasankaran group. Tata spokesperson said: “The query raised is speculative and Tata Teleservices, as a policy, does not comment on speculation.” A Telenor spokesperson said the company would not comment on rumours and speculation, adding: “What the group has said is that it is not compelled to participate in any merger or acquisition, seeing that its current six-circle footprint allows it to serve every second person in India. At the same time, it will evaluate any such opportunities, should those become available and make business sense.” Also, Citibank official said the bank did to comment on confidential client mandates and Lazard declined to Business Standard.
Tata Sons Limited said it had formed a group executive council (GEC), to provide strategic and operational support to chairman Cyrus Mistry. The council will initially include NS Rajan, who will take on HR responsibilities, Mukund Govind Rajan, who will oversee brand, communication, ethics & CSR, and Madhu Kannan, head, business development and public affairs. The GEC will work closely with and partner the boards, CEOs and senior management of various Tata companies. Members of the GEC will be assigned responsibilities by Mistry. They will lead various strategic functions besides serving as nominees of Tata Sons on the boards of Tata companies.
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