Even as it set in motion the process of converting itself into a private limited company despite protests from the Mistrys’ Cyrus Investments, Tata Sons Ltd. has gone on to consolidate its holdings in various group companies. The move, it appears, is intended to step up its direct control over its group outfit.
In line with its earlier indications, Tata Sons, the holding company of the Tata group, has strengthened its hold on Tata Global Beverages Ltd. and Tata Chemicals Ltd. (TCL) by buying up shares of these companies from group outfits.
Tata Global Beverages informed the BSE that it had sold 1,04,80,000 equity shares of face value of ₹10 each of Tata Chemicals, or 4.11% of the issued capital of TCL, to Tata Sons in a market transaction.
Similarly, Tata Chemicals said it had sold more than 4.31 crore equity shares of Tata Global Beverages to Tata Sons at a price of ₹213.35 per share. Earlier this year, the holding company bought out Tata Motors’ stake in Tata Steel and vice versa.