 "Welspun corporate office building is pictured in Mumbai")
Tata Sons has said the acquisition of the Welspun group’s renewable energy subsidiary by Tata Power was presented to its board as a fait accompli.
In its petition to the National Company Law Tribunal (NCLT), Tata Sons, the holding company of the Tata group, said the Welspun transaction was expected to cost Rs 6,700 crore ($1 billion) and any additional debt would affect Tata Power’s credit rating.
Rating agencies, presuming support from Tata Sons, had assigned a higher rating to Tata Power, over and above which the additional debt was undertaken.
“As a promoter, Tata Sons was practically left in
