Tata Power board approves stake sale in Tata Communications, Panatone Finvest

Mumbai, March 26 (IANS) Tata Power on Monday said that its board has approved the sale of company's stake in Tata Communications and Panatone Finvest to Tata Sons and its affiliates, subject to shareholders approval.

"Panatone Finvest holds 30.1 per cent of Tata Communications. As part of the company's plan to monetise its non-core assets and improve the balance sheet to set the stage for next phase of growth," the company said in a regulatory filing.

"The estimated realisation will be about Rs 2,150 crore and is subject to shareholders approval."

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