Tata Sons looks to raise funds
Hefty Docomo deposit, lower FY16 income erode reserves
Tata Sons, the holding company of the Tata group, is approaching banks and financial institutions to raise funds as a hefty deposit in the Delhi High Court for the Docomo dispute and a 67 per cent fall in profits in the financial year 2015-16 (FY16) have left it with just Rs 1,400 crore cash reserves.
The company had deposited Rs 8,450 crore with the registrar of the Delhi High Court on July 29 from its cash reserves of Rs 9,880 crore, leaving it with lesser funds for new projects such as aviation and defence. A banker said the company plans to raise Rs 1,200 crore in rest of FY17 and ...
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First Published: Fri, September 02 2016. 00:48 IST