Indian Tatakoncernen may be forced to make write-downs of up to 1, 180m billion rupees, or 160 billion, in order to get a more realistic valuation of certain operations. It writes the Tata Groups revenue chairman Cyrus Mistry, in a letter dated 25 October to the board of directors in the group’s holding company Tata Sons, according to Bloomberg News.
Cyrus Mistry calls in the letter koncernverksamheterna Indian Hotels (the Taj chain), Tata Motors passenger cars, Tata Steel Europe, Tata Power Mundra and Tata Teleservices for “classic hot spots”. Capital employed in these five activities are in the vicinity of the entire group’s nettovärdering at 1.740 billion rupees.
According to the deposed president are several problems within the group. Tata Motors lågbudgetbil Nano to “consistently” have lost money and “should be discontinued”. In the letter, reported the business as most have had an annual loss rate of 10 billion rupees (1.3 billion).
the Pierre Hotel in New York city, part of Indian Hotels, according to Cyrus Mistry an “onerous” lease contracts that make it difficult to pull out of the business. What comes to Tatakoncernens flygbolagsverksamhet writes Cyrus Mistry that he himself opposed the idea, but the initiative was his predecessor Ratan Tatas own “passion”.