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Tata Sons looks to raise funds

Hefty Docomo deposit, lower FY16 income erode reserves

Tata Sons looks to raise funds

TataSons,theholdingcompanyoftheTatagroup,isapproachingbanksandfinancialinstitutionstoraisefundsasaheftydepositintheDelhiHighCourtfortheDocomodisputeanda67percentfallinprofitsinthefinancialyear2015-16(FY16)haveleftitwithjustRs1,400crorecashreserves. ThecompanyhaddepositedRs8,450crorewiththeregistraroftheDelhiHighCourtonJuly29fromitscashreservesofRs9,880crore,leavingitwithlesserfundsfornewprojectssuchasaviationanddefence.AbankersaidthecompanyplanstoraiseRs1,200croreinrestofFY17 ...