Tata Sons, the investment-holding arm of Tata Group companies, has received shareholders’ approval to raise `40,000 crore through various modes, including non-convertible debentures.
The approval was received at its annual general meeting (AGM), held virtually on Tuesday, sources close to the development said.
The approval comes at a time when the group is making ambitious plans in the e-commerce business and looking to acquire state-run carrier Air India.
Further, it also received shareholders’ nod for reappointments of Saurabh Agrawal and Ralf Speth as directors and Harish Manwani as an independent director, the sources added.
At present, Saurabh Agrawal is the chief financial officer at Tata Sons and Ralf Speth the former CEO at group company Jaguar Land Rover. Harish Manwani is the former global chief operating officer of Unilever, who is also a senior operating partner at private equity major Blackstone.
Giving a second term for Tata Sons chairman N Chandrasekaran, whose tenure ends in February 2022, did not come up at the meeting.