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Tatas approach sovereign wealth funds to buy Cyrus Mistry family’s stake

The Tata family trusts have reached out to sovereign wealth funds and other long-term investors to gauge their interest in purchasing the Mistry family’s stake if it became available, according to the people.

Bloomberg|
Last Updated: Oct 28, 2016, 12.56 AM IST|Original: Oct 28, 2016, 12.53 AM IST
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MUMBAI: Ratan Tata, who returned this week to the helm of India’s largest conglomerate, is seeking a partner that could buy out the Tata Sons stake held by the family of ousted chairman Cyrus Mistry, people with knowledge of the matter said.

The Tata family trusts have reached out to sovereign wealth funds and other long-term investors to gauge their interest in purchasing the Mistry family’s stake if it became available, according to the people. The trusts held preliminary talks with potential buyers of the about 18% Tata Sons stake as they prepare for a number of possible scenarios, the people said. Mistry’s family doesn’t currently plan to sell its holdings, the people said, asking not to be identified because the information is private.

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