Mumbai: Tata Motors on Monday said that the transaction for divestment of its stake in Tata Technologies to Warburg Pincus has been “mutually” called-off.
“As per the transaction announced on June 15, 2017, Warburg Pincus was to acquire approximately 43 per cent stake in Tata Technologies from Tata Motors and other Tata entities,” the company said in a regulatory filing.
“However, due to delays in securing regulatory approvals as well as due to the recent performance of the company not meeting internal thresholds because of market challenges, the parties to the transaction have mutually decided not to proceed with closure of the transaction.”
According to the company, it will continue to explore strategic options to “sell its stake in Tata Technologies and remains positive on the outlook of the business”.
IANS