Tata Power sells Defence business to Tata Advance Systems to prune debt

Tata Power Company Ltd has sold its defence business to Tata Advanced Systems Ltd, a wholly-owned subsidiary of Tata Sons. The sale will garner an enterprise value of Rs 1,076 crore as upfront payment.  Tata Power in a statement said the sale of defence business is part of the company’s ongoing strategic plan to monetize its non-core assets and reduce overall leverage. The sale was completed as per a ‘Scheme of Arrangement’, which was approved by National Company Law Tribunal (NCLT) at Mumbai and Hyderabad in December 2019 and March 2020 respectively, said the comp.....

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