Tata Finance To Exit Venture With Amex
Tata Finance today announced that it plans to sell its stake in its joint venture, Tata Finance Amex Ltd (TFAL), to American Express International, subject to statatutory stipulations.
TFAL is a 74:26 joint venture between the Tata group and American Express, and is engaged in the foreign exchange business. For the year ended March 2000, it reported a net loss of Rs 80 lakh on an equity base of Rs 13 crore.
Speaking at the 17th annual general meeting, Tata Finance chairman Ishaat Hussain said,