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Tata Comm to hive off its non-network IoT biz for Rs.42-Cr

MoneyControl   BSE Announcement  

Publicly listed Tata Communications Ltd is to sell the company's non-network Internet of Things (IoT) business to its wholly-owned subsidiary, Tata Communications Collaboration Services Pvt Ltd, as a going concern on a ‘slump sale' basis. The IoT operations of the sale will comprise device, application, platform and managed services components. The transaction between the company and its wholly-owned subsidiary will be valued at INR 42.34 crore and is expected to close by January 1, 2023.