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Tata group could see Rs 1,18,000 crore in writedowns: Cyrus Mistry

Says Indian Hotels, Tata Motors' passenger cars, Tata Steel UK, telecom biz and Mundra UMPP are legacy hotspots

Reuters  |  New Delhi | Mumbai 

Group companies in the salt-to-software Tata Sons conglomerate faces potential writedowns to the tune of close to $18 billion (about Rs 1,18,000 crore) due to investments in unprofitable businesses, according to an internal letter that ousted Chairman Cyrus Mistry sent to the company's board. Mistry was shunted out of the company on Monday by the Tata Sons board for reasons not officially made public by the group, however, sources told Reuters that Mistry had lost favor with family patriarch Ratan Tata and the powerful trusts, which own two-thirds of the group. Mistry said in ...

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First Published: Wed, October 26 2016. 16:51 IST