Tata Sons, the holding company of the Tata Group, on Friday said the conglomerate is not looking to monetise investments to raise capital as businesses are in a strong financial position with adequate cash flows. This comes after reports emerged that Tata Group companies have taken a huge hit due to national lockdown and are struggling to allocate funds to stressed group companies.
In a statement to media, N.Chandrasekaran, Chairman, Tata Sons, said “This is to dispel the recent unfounded rumours regarding the Tata Group in some sections of the print/social media. The Tata group companies, like all other companies, are facing both challenges and opportunities arising out of the pandemic and resulting economic situation, based on the industries and markets they operate in. All our group companies are progressing well responding to these challenges and opportunities and we are confident that they will emerge stronger. Tata Sons is in strong financial position with adequate cash flows to support the group companies and new growth initiatives. Tata Sons is not looking to monetise its investments to raise capital. There are recent mis-informed and completely unfounded rumours regarding the Tata Group, in some sections of the print/social media. These are malicious in their intent to undermine the performance of the Tata group and discredit the Chairman Emeritus, Mr. Ratan N. Tata. The Group is well poised to capture new opportunities and we are focused on navigating the current situation and profitable growth”.