Shareholders of Tata Sons clear ~40K-cr debt raise

Shareholders of Tata Sons, the holding entity of Tata group companies, cleared the proposal to raise up to ~40,000 crore as fresh debt. The approval was received at its annual general meeting, which was held virtually, on Tuesday. The nod comes at a time when the group has ambitious plans to enter the ecommerce business, which is currently dominated by Amazon, Walmart-backed Flipkart and cash-rich Reliance Retail. Tata Sons is also planning to make a bid for lossmaking Air India. The shareholders also approved re-appointment of directors Saurabh Agrawal and Ralf Speth, and of Harish Manwani as independent director.