Ratan Tata, whose return earlier this week as interim chairman of Tata Sons made national headlines, is reportedly looking for investors to buy out the company's stakes that are owned by the family of 'ousted' chairman Cyrus Mistry.
Shapoorji Pallonji, the largest shareholder, owns about 18.4 per cent stake in Tata Sons.
According to a Bloomberg report, the Tatas are known to have approached a sovereign wealth fund as well as a few long-term investors to see if they are interested, if and when the shares become available. The trusts reportedly held preliminary talks with potential buyers, said sources close to Tata Sons, on condition of anonymity.
The Bloomberg report also quoted sources close to the family saying that the Mistrys are not likely to sell the shares owned by them.
The Tata Sons board, in a sudden move, removed its chairman Cyrus Mistry a few days ago, replacing him with his predecessor Ratan Tata.
The developments that came later have been indicated that the trouble had been brewing for months ( EXCLUSIVE: Tata board's dissatisfaction was no mystery to Mistry). Mistry's letter to the Tata board, which was leaked to the media, alleged he was reduced to a lame duck chairman due to Ratan Tata's interference in the company's affairs, an allegation which the Tata Group called malicious and baseless.