Tata Sons Chairman N Chandrasekaran said in a statement on Friday that the company is in a strong financial position with adequate cash flows to support group companies as well as new growth initiatives. He added that it is not looking to monetise investments to raise capital.
"We are focused on navigating the current situation and profitable growth. Tata Sons is in a strong financial position with adequate cash flows to support the group companies and new growth initiatives. Tata Sons is not looking to monetise its investments to raise capital," said Chandrasekaran.
Following a Tata Sons board meeting, Chandrasekaran said that all the group companies are progressing well and facing the challenges and opportunities that have risen out of the coronavirus pandemic. "All our group companies are progressing well, responding to these challenges and opportunities, and we are confident they will emerge stronger," he said after the meeting.
The board is believed to have discussed group businesses as well as coronavirus strategies. However, no specific details on the same were available.
Chandrasekaran further said that reports of the impact of coronavirus on the group were false and malicious. "There are recent misinformed and completely unfounded rumours regarding the Tata Group in some sections of the print and social media. These are malicious in their intent to undermine the performance of the Tata Group and discredit the chairman emeritus, Ratan N Tata. The group is well poised to capture new opportunities," he said.
The statement comes amid reports of Tata Group's top management taking a pay cut for the first time in the conglomerate's history. Companies across various sectors have borne the brunt of the coronavirus pandemic and the subsequent nationwide lockdown. Tata Group has presence in most of the impacted sectors including auto, aviation, hospitality and consumer goods. Tata Steel and JLR have been heavily impacted too.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today