TIL Desk/Business/Mumbai-Ratan Tata, who returned this week to the helm of India’s largest conglomerate, is seeking a partner that could buy out the Tata Sons Ltd. stake held by the family of ousted Chairman Cyrus Mistry, people with knowledge of the matter said.
A report says the Tata family trusts have reached out to sovereign wealth funds and other long-term investors to gauge their interest in purchasing the Mistry family’s stake if it became available, according to the people. The trusts held preliminary talks with potential buyers of the about 18 percent Tata Sons stake as they prepare for a number of possible scenarios, the people said.
Mistry’s family doesn’t currently plan to sell its holdings, the people said, asking not to be identified because the information is private. The family trusts wants to ensure that if Mistry’s family later decides to sell its stake in the Tata Group holding company, the new investor will be a friendly party that shares their long-term vision, according to the people. Tata Sons owns more than $65 billion worth of listed company shares, data compiled by Bloomberg show.
