Business

Tata Sons Looks To Buy Out Biggest Stake Held By Cyrus Mistry

NEWS WORLD INDIA | 0
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| October 31 , 2016 , 10:38 IST
[caption id="attachment_216453" align="aligncenter" width="700"]Tata Sons Looks To Buy Out Biggest Stake Stake Held By Cyrus Mistry Tata Sons Looks To Buy Out Biggest Stake Stake Held By Cyrus Mistry[/caption] After ousting Cyrus Mistry from the position of Chairman of Tata Sons, interim chief Ratan Tata is reportedly looking for a partner to buy out the stake held by Cyrus Mistry's family. Cyrus Mistry's family or the Shapoorji Pallongi Group hold a 18.4 percent share and are the biggest stake holders in Tata Sons. ALSO READ: Cyrus Mistry’s Letter To Tata Sons After Sudden Ousting Leaked! Read Here According to reports, the Tata Group has initiated talks with various long-term investors to explore possibilities of buying out the Mistry family's stakes if they became available. In a sudden movement, Cyrus Mistry was removed from his post of Chairman of Tata Sons on October 24. While no official reason was released, a slew of mudslinging continued with Mistry writing a detailed 5 page letter to the group 'directors' which was released into the public, followed by an official statement by the Tatas, calling Mistry's letter 'unforgivable' and a political drama.