Tata Power sells defence business to Tata Sons' subsidiary for Rs 22.30 bn

SED is a non-core defence electronics division of the company, engaged in business of indigenous design, development, production, integration, supply and life cycle support of mission critical defence

Private power producer Tata Power on Thursday said it has sold its defence business to Tata Sons’ subsidiary Tata Advance Systems for an enterprise value of Rs 22.30 billion. The move, the company said, is part of the company’s plan to monetize its non-core assets and improve the balance sheet.

“The Board has approved the sale of its defence business to Tata Advance Systems Limited, a wholly owned subsidiary of Tata Sons at an enterprise value of Rs. 22.30 billion, out of which Rs 10.40 billion is payable at the time of closing and Rs. 11.90 billion is payable on