Tata Motors will continue to explore strategic options to sell its stake in Tata Technologies and remains positive in its outlook. Photo: BloombergMumbai: Tata Motors Ltd and Warburg Pincus Llc have mutually agreed to call off the US private equity firm’s proposed investment of around $360 million in Tata Technologies Ltd, Tata Motors said in a stock exchange filing on Monday. Tata Motors will continue to explore strategic options to sell its stake in Tata Technologies and remains positive in its outlook, the statement added. In June, Tata Motors and two other group entities had announced the sale of a 43% stake in engineering unit Tata Technologies to an affiliate of Warburg Pincus. Warburg was to acquire 30% from Tata Motors and its unit Sheba Properties Ltd, and another 13% from Tata Capital Ltd. Tata Motors owns 70.4% of the Singapore-based firm, according to its annual report.

Source: Mint February 05, 2018 15:33 UTC