The holding company behind India's biggest family-owned firm has taken a majority stake in its own investment business. According to a filing made to the Bombay Stock Exchange, Tata Sons Ltd has increased its stake in Tata Investment Corporation Ltd (TICL) to around 55%.
In September last year, Tata Sons made an open offer to the shareholders of TICL for acquiring a 28% stake in the company, which makes long-term investments in equity shares and other securities. As of 31 March 2006, TICL had a portfolio of investments with a market value of over $5 billion spread over 230 companies in various industries.
Tata Sons, which is led by group chairman Ratan Tata (pictured), was established as a trading enterprise by Group founder Jamsetji Tata in 1868. Today it promotes all the key companies of the Tata Group and holds the bulk of shareholding in these companies. It also owns the Tata name and the Tata trademark.
About 66 per cent of the equity capital of Tata Sons is held by philanthropic trusts endowed by members of the Tata family. The biggest two of these trusts are the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust.
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