Tata Motors has completed the transfer of its defense business with effect from 1 April 2021 to Tata Advanced Systems (TASL) for an upfront consideration of Rs 227.7 crore.
The transfer has been completed through a slump sale as per Scheme of Arrangement approved by National Company Law Tribunal at Mumbai and Hyderabad. Over the next several months, Tata Motors and TASL will work closely to ensure smooth transition of the Defense business.
TASL, a wholly owned subsidiary of Tata Sons Pvt., is focused on providing integrated solutions for aerospace, defense and homeland security. The sale of Defense business to TASL is in line with Tata Group s strategy of consolidating the defense businesses under a single entity to bring scale and synergy.
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Tata Motors on Thursday said it has completed the transfer of its defence business with effect from April 1 to Tata Advanced Systems Ltd (TASL) for an upfront consideration of Rs 227.7 crore.
The transfer has been completed through a slump sale as per Scheme of Arrangement approved by National Company Law Tribunal at Mumbai and Hyderabad, the auto major said in a regulatory filing.
Tata Motors has been in the defence sector for several decades, and currently has a wide portfolio of logistics, combat support and armoured vehicles for the defence, paramilitary and state police forces.
In recent years, the company has also focussed on developing armoured carriers and platforms such as wheeled amphibious armoured fighting vehicles, mine protected and light armoured multi-role vehicles.