Tata Steel to sell its stake in Tata Motors to Tata Sons around 23 June

MUMBAI: Acting on their commitment to tighten its control over group companies, Tata Sons has decided to buy shares of Tata Steel in Tata Motors, the steelmaker said in a regulator filing.

Tata Steel will be selling around 83.6 million shares in the salt to software conglomerate's automobile company to Tata Sons, the holding company of the group. The transaction is expected to be executed on or around June 23 at or around the prevailing price.

At the first town hall meeting after the new chairman N. Chandrasekaran took charge, it was decided that Tata Sons will be investing up to Rs 10,000 crore in various Tata group companies and the move is the first step in that direction.