New Delhi, Sept. 28 -- Tata Trusts has proposed a restructuring of Tata Sons that could allow the holding company to shed its classification as a Core Investment Company (CIC) and, consequently, seek relief from the Reserve Bank of India's listing requirement for upper-layer non-banking financial companies.
Under the proposal sent to Tata Sons Chairman N. Chandrasekaran on Monday, Tata Electronics Systems Solutions Pvt. Ltd. (TESS) and Tata Consulting Engineers (TCE) would be merged into Tata Sons.
Tata Trusts, which holds a 65.9% stake in Tata Sons, has also shared the proposal with the RBI.
The proposed restructuring would take Tata Sons' consolidated revenue to around Rs 1,05,043 crore and its net assets to Rs 2,00,158 crore.
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