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MUMBAI: Tata Motors on Thursday sold a little over one crore Tata Steel shares, worth Rs 485 crore, to Tata Sons - the group holding firm - to create a corpus for repaying short-term loans that the company raised for the Jaguar-Land Rover Deal.
The move is in line with Tata Motors' plan to monetise part of its investment portfolio through phased
divestment to group companies. With the sale of Tata Steel shares, Tata Motors' holding in Tata Steel is down to 3%, worth Rs 1,039 crore, based on Tata Steel's market price. Apart from Tata Steel, Tata Motors holds shares of Tata Chemicals worth Rs 1.9 crore. On Thursday, Tata Steel closed at Rs 485 on BSE.
Besides selling listed Tata entities' shares, Tata Motors is also looking at striking deals in its subsidiary and associate companies with financial investors and private equity funds

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