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.
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.