March 26, 2018

Tata Power board approves sale of its stakes in Tata Communications and Panatone Finvest

National: Tata Power, India’s largest integrated power company, announced that the company’s board has approved the sale of its shares in Tata Communications and Panatone Finvest to Tata Sons and its affiliates. Panatone Finvest holds 30.1 percent of Tata Communications.

The move is a part of the company’s plan to monetise its non-core assets and improve the balance sheet to set the stage for next phase of growth. The estimated realisation will be about Rs2150 crore and is subject to shareholders approval.