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 â€˜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.
Want to receive such news items in your inbox? Click Here to sign up for a trial.