LEGACY ISSUES: STATUS CHECK

TATA SONS: Both Tata Sons and Tata Capital decided to write off dues of ~2,000 crore from Chennai-based entrepreneur C Sivasankaran. Tata Sons also decided to convert itself into a private company, thereby reducing public scrutiny. Cyrus Mistry’s cases against the company and its directors are pending before the National Company Law Tribunal.

INDIAN HOTELS: Indian Hotels has still not made up its mind on what to do with its Sea Rock (Mumbai) property. The building was demolished to make way for a new hotel but has not received permissions from government. The group plans to make an aggressive bid to retain Delhi’s Taj Mansingh which is coming up for auction.

TATA POWER: The company invested ~18,000 crore in the Mundra (Gujarat) power plant, based on imported coal. With the Supreme Court refusing to pass on the increased cost to customers, the company has offered to sell 51 per cent in the 4,000-Mw plant to Gujarat Urja Vikas Nigam for ~1. If the accepted, the company would retain 49 per cent.

TATA TELESERVICES: The group merged its consumer mobile business with Bharti Airtel for free. Of the residual businesses, the group plans to combine the enterprise business with Tata Communications and broadband/fixed phone business to Tata Sky. It would also retain 32 per cent stake in telecom tower firm Viom. Tata Sons has promised to repay bank loans.