Tata-Gruppe: Börsengang von Indiens größtem Konglomerat rückt näher

The Tata conglomerate, India's largest conglomerate, is inching closer to its much-anticipated initial public offering (IPO) as proposed by Tata Sons. The decision comes after pressure from regulatory authorities, specifically the Reserve Bank of India (RBI), which has deemed the company a systemically relevant financial institution.

Tata Sons chairman Natarajan Chandrasekaran, who recently announced his resignation, has been offered a new five-year contract. This move has sparked controversy, with Noel Tata, the chairman of the Tata Trusts holding two-thirds of Tata Sons shares, publicly opposing the move. He claims the extension of Chandrasekaran's tenure is legally invalid and that it could undermine the existing power dynamics in the conglomerate.

Despite this opposition, Tata Sons has decided to proceed with the IPO, which could be the largest in India's history, valued at $100 to $150 billion. The conglomerate includes various businesses such as Air India, Jaguar Land Rover, Tata Consultancy Services, and the iPhone manufacturing arm for Apple. The decision to go public is driven by a regulation from the RBI, which classified Tata Sons as a systemically important financial institution, requiring the company to list its shares publicly.

While the RBI's decision to reject Tata Sons' request for an exemption from the regulation has been criticized, the government under Prime Minister Narendra Modi is reportedly supporting the RBI's stance. Tata Sons has repaid over $2 billion in debt, but the RBI's decision not to exempt the company has raised questions about the classification of Tata Sons as a "shadow bank."

Tata Sons' subsidiaries on the Indian stock exchange have seen significant gains, with Tata Chemicals up by 14 percent, Tata Investment Corporation by up to six percent, and TCS by more than three percent. However, the positive sentiment was short-lived, as Tata's protest note led to a significant drop in the stock prices shortly after.

The IPO is seen as a potential boon for Shapoorji Pallonji, Tata Sons' largest minority shareholder, who has been trying to increase his stake in the conglomerate and reduce its high debt.