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Tata Group settles Rs 500 billion dues to conclude business sale to Airtel

July 08, 2019
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Tata Group has paid its lenders and the government around Rs 500 billion in an effort to complete the sale of its mobile-phone services business to Bharti Airtel.

Earlier in June 2019, Tata Sons Private Limited, the group holding company, had paid the Department of Telecommunications (DoT) Rs 100 billion after settling all pending loans worth Rs 400 billion owed by Tata Teleservices (Maharashtra) Limited.

In 2017, Tata Group decided to sell off its mobile-phone services business, Tata Teleservices (Maharashtra) Limited and Tata Teleservices Limited, to Bharti Airtel as the business had become unprofitable. This was the result of the disruptive entry of Reliance Jio in the Indian telecommunications sector in 2016.

 

 
 
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