Tata Sons Interim Chairman Ratan Tata is reaching out to well-heeled investors such as sovereign wealth funds and other long-term investors that could potentially buy out the minority stake of Cyrus Mistry's family should it go up for sale, Bloomberg reported citing people with the knowledge of the matter.
According to the Bloomberg report, Tata trusts have held "preliminary talks" with potential investors for the roughly 18 per cent stake in Tata Sons. However, the Mistry family doesn't plan to sell its stake currently. The Tata trusts, though, which own about 66 per cent stake, are preparing for any eventuality.
Tata Sons' companies stocks have a combined value of about $65 billion, according to Bloomberg data.
Earlier this week Tata Sons' board ousted Cyrus Mistry as chairman, bringing back former chairman Ratan Tata, as interim chairman of the company.
Tata Sons' board, which lists Amit Chandra, managing director of Bain Capital, a private equity investor, as a board member, recently expanded, bringing on Jaguar Land Rover CEO Ralf Speth and TCS CEO & MD N Chandrasekaran as additional directors.
Mistry's ouster has led to a bitter public feud between the former chairman and the Tata Sons with the former accusing the company of deep financial problems that Mistry inherited, and deep-seated differences over strategic direction of the company.