Days after announcing its plans to soon turn debt-free, Tata Motors is all set to begin the process of stake sale in Tata Technologies and Tata Hitachi Construction Machinery. The consolidated debt of Tata Motors stood at Rs 68,000 crore as of July 31.

"Tata Motors has resumed talks with multiple stakeholders for potential equity stake sales in its software arm (Tata Technologies) and in the Hitachi joint venture," Mint reported citing unidentified sources.

"The intent is to monetize non-core assets and the exercise has begun with these two companies," the daily also reported citing the sources.

Tata Motors aims to reduce its total automotive debt to ''near-zero levels'' in three years and generate free cash flows from FY22 onwards, company chairman N Chandrasekaran had recently said at company's AGM. However, the company's management had to face ire from several shareholders on various issues, including non-payment of dividend four years in a row.

Chandrasekaran, while addressing shareholders at Tata Motors' 75th annual general meeting (AGM) had said the company would look to unlock non-core investments in order to deleverage business, but asserted that neither the passenger vehicles business nor Jaguar Land Rover (JLR) is being sold.

"Currently, the Tata Motors Group has a net automotive debt of Rs 48,000 crore (by March 31) and we are deleveraging this business substantially," he had then said. "We have set a target to significantly bring down the debt and come to near-zero debt levels in the next three years." The company has initiated steps towards this and set a target to generate positive free cash flows from FY22 onwards, he added.