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Shapoorji Pallonji Group To Exit Tata Group
Shapoorji Pallonji (SP) Group, which owns 18.37% per cent in Tata Sons, is all set to part ways with it. The company in a statement on Tuesday said it "believes that a separation of interests would best serve all stakeholder groups".
"It was crucial that an early resolution is reached to arrive at a fair and equitable solution reflecting the value of the underlying tangible and intangible assets," the statement by the SP group said.
"Today, the SP Group stated before the Supreme Court that a separation from the Tata Group is necessary due to the potential impact this continuing litigation could have on livelihoods and the economy. They stated that it was crucial that an early resolution is reached to arrive at a fair and equitable solution reflecting the value of the underlying tangible and intangible assets.
As the largest minority shareholder owning an 18.37% stake, the role hitherto played by the SP Group, was always one of guardianship with an aim to protect the best interests of the Tata group. The SP Group had always used its voting rights as a shareholder for the best interest of the Tata Group," the statement read.
The Tata Group maybe open to buying the stake from the SP group. Since Tata Sons is a closely held company, it is extremely difficult to ascertain what the 18.5 per cent value of the holdings would be.
