Udayavni Special

Tata Motors completes transfer of defence biz to TASL for Rs 227.7 cr


PTI, Apr 2, 2021, 11:42 AM IST

New Delhi: Tata Motors on Thursday said it has completed the transfer of its defence business with effect from April 1 to Tata Advanced Systems Limited (TASL) for an upfront consideration of Rs 227.7 crore.

The transfer has been completed through a slump sale as per Scheme of Arrangement approved by National Company Law Tribunal at Mumbai and Hyderabad, the auto major said in a regulatory filing.

Tata Motors has been in the defence sector for several decades, and currently has a wide portfolio of logistics, combat support and armoured vehicles for the defence, paramilitary and State police forces.

In recent years, the company has also focussed on developing armoured carriers and platforms such as wheeled amphibious armoured fighting vehicles, mine-protected and light armoured multi-role vehicles.

Tata Motors has partnered with the Indian defence establishment in various strategic programmes such as MRSAM, Aakash, Agni, BrahMos, etc.

The company also exports defence vehicles to SAARC, ASEAN, and African nations.

TASL, a wholly-owned subsidiary of Tata Sons, is focused on providing integrated solutions for aerospace, defence and homeland security.

”The sale of defence business to TASL is in line with Tata Group’s strategy of consolidating the defence businesses under a single entity to bring scale and synergy,” the company noted.

Tata Motors on its part will continue to play a significant role in the value chain by supplying chassis and aggregates to TASL for developing specialised defence applications while continuing to supply pure civilian PVs (Passenger Vehicles) and the CVs (Commercial Vehicles) to defence forces directly, it added.

TASL will invest in enhancing design and development capabilities for expanding the global footprint and providing specialist, high value-added, futuristic solutions to defence customers in and outside India, it said.

The consolidation will yield benefits in the form of operational and financial synergies helping deliver better value for both the entities, the filing said.

Over the next several months, Tata Motors and TASL will work closely to ensure a smooth transition of the defence business, it added.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

COVID-19: Karnataka posts 19,067 cases and 81 deaths

Bus services remain crippled as transport employees’ stir enters 12th day

PM Modi should resign owning responsibility for COVID-19 surge: Mamata

BJP only knows to loot, instigate riots and kill people: Mamata Banerjee

Brokerages downgrade India’s GDP growth projections for FY’22 amid resurgence of Covid cases

New modus operandi by fraudsters to withdraw money from ATMs

K’taka CM Yediyurappa in hospital for COVID treatment is stable and recovering




Related Articles More

Tata Steel, SAIL, AMNS India supplying oxygen for treatment of COVID-19 patients

Brokerages downgrade India’s GDP growth projections for FY’22 amid resurgence of Covid cases

Future Retail lenders approve restructuring of existing debts; plan to be sent to Kamath panel for approval

Mcap of 7 of top-10 valued firms tumble over Rs 1.41 lakh cr

US keeps 11 countries including India, China, Japan in currency practices monitoring list

MUST WATCH

Udayavani 18-April-2021 News Bulletin

SP slaps local vendor for not wearing mask

George Kadiyali | Can We Grow More Food on Less Land?

Udayavani 17-April-2021 News Bulletin

The fear of Covid 2nd Wave!!

Latest Additions

COVID-19: Karnataka posts 19,067 cases and 81 deaths

RCB beats KKR by 38 runs

Railways to run ”Oxygen Express” to meet high demand amid surge in COVID-19 cases

BJP seeks FIR against Malik for ”false” charges on Remdesivir supply

Tata Steel, SAIL, AMNS India supplying oxygen for treatment of COVID-19 patients

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.