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Warburg Pincus, Tata Motors call off $360-mn stake sale in Tata Tech

Warburg Pincus was to acquire approximately 43 per cent stake in Tata Technologies from Tata Motors and other Tata entities

Press Trust of India  |  New Delhi 

Tata Group

on Monday said its $360 million (around Rs 23.2 billion) deal to sell 43 per cent stake in to has been called off due to non-receipt of regulatory nod and missing of internal performance target by its Singapore-based arm.

As per the transaction announced on June 15, 2017, was to acquire approximately 43 per cent stake in from and other Tata entities.

"However due to delays in securing regulatory approvals as well as due to the recent performance of the company not meeting internal thresholds because of market challenges, the parties to the transaction have mutually decided not to proceed with the closure of the transaction," said in a BSE filing.

will continue to explore strategic options to sell its stake in and remains positive on the outlook of the business, it added.

Warburg Pincus, Tata Motors call off $360-mn stake sale in Tata Tech
As per the proposed deal, an affiliate of was to acquire around 30 per cent from and its subsidiary Sheba Properties as well as Tata Capital's entire 13 per cent stake.

First Published: Tue, February 06 2018. 00:31 IST
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