New Delhi. Natarajan Chandrasekaran, chairman of Tata Sons, the holding company of the Tata group, which works in the salt-to-software sector, said on Friday that the Tata group had sufficient cash available. He said that Tata Group is not planning any monetization for investment. Chandrasekaran’s statement was released rebuff all the speculation made by media reports were claiming that Tata Group companies were planning to monetize to raise capital.
Officially calling out the reports on the impact of COVID-19 on the group as “malicious” and intending to undermine the performance of the Tata group and discredit the Chairman Emeritus ‘Ratan N Tata‘, he said the group is well poised to capture new opportunities.
Tata Sons’ Financial Position is Quite Strong
Mr. N Chandrasekaran said in a statement that the financial position of Tata Sons is very strong. The company has a substantial flow of cash to support group companies and new growth initiatives. He said that like other companies, the Tata group is facing both challenges and opportunities due to Coronavirus.
All the companies in our group are growing better. They are responding appropriately to both these challenges and opportunities. We are confident that they will grow stronger. He clarified that Tata Sons has no plans to monetize investment to raise capital.
Board Meeting Decisions Not Given
The board meeting of Tata Sons took place on Friday. The meeting was organized to evaluate the group companies and allocate funds to them. Also, more funds were to be given to the primary sectors.
Without mentioning the pivotal information regarding the board meeting, Tata Sons officially notified in a statement to “dispel the recent unfounded rumors” about the group. However, the statement did deny the ongoing speculation about the monetization of investment.
JLR and Tata Steel have endured the most. Its flagship Tata Consultancy Services (TCS) to have faced the repercussion of this Pandemic.
To tackle the current situation of COVID-19, The group’s top management has decided to take up to 20 percent salary cut for the first time in the conglomerate’s history.