New Delhi, Sept. 18 -- Tata Motors Ltd has initiated the process of selling stakes in units Tata Technologies Ltd and Tata Hitachi Construction Machinery Co. Pvt. Ltd as part of its ambitious plan to turn debt-free in three years, three people aware of the plans said.
The divestment plans are critical for the parent of Jaguar Land Rover (JLR) Automotive Plc, which saw its net consolidated debt soar to '68,000 crore as of 31 July from '48,000 crore as of 31 March following extensive cash burn due to disruptions from the coronavirus outbreak.
"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," said one of the three people, reque...