Tata Sons declares incorporation of TCL

Mumbai, June 19: Tata Sons Limited, the apex holding company of the Tata Group, has formed a wholly-owned subsidiary company by the name of Tata Capital Limited, which will undertake new activities in the financial services area.

Tata Capital proposes to enter the area of capital market services, merchant banking, housing finance, private equity investments, assets and vehicle financing, retail finance and other related areas. These activities would be undertaken either in subsidiary companies or divisions of Tata Capital depending on regulatory requirements, the release said.

The existing Tata companies in the financial services area such as Tata AIG Insurance companies, Tata Asset Management Company (which manages the Tata Mutual Fund) and Tata Investment Corporation in all of which Tata Sons has a substantial direct holding, will continue to remain separate entities and function as at present.

UNI