Shareholders of Tata Sons clear proposal to raise Rs 40K cr as fresh debt

Shareholders of Tata Sons, the holding entity of Tata group companies, cleared the proposal to raise up to Rs 40,000 crore as fresh debt. The approval was received at its annual general meeting, which was held virtually, on Tuesday. 

The nod comes at a time when the group has ambitious plans to enter the e-commerce business, which is currently dominated by Amazon, Walmart-backed Flipkart and cash-rich Reliance Retail. Tata Sons is also planning to make a bid for loss-making Air India. 

The shareholders also approved re-appointment of directors Saurabh Agrawal and Ralf Speth, and of Harish Manwani as independent director.