MUMBAI: Tata Group chairman N Chandrasekaran is evaluating the option of winding down the mobile services business, Tata Teleservices (Tata Tele), after attempts to sell the beleaguered unit failed, people directly aware of the matter said. Tata Tele has around 45 million subscribers with about 4% share of the Indian mobile telephony market . A nominee of Tata Trusts — the largest shareholder of Tata Sons — had in the recent past suggested that Tata Tele should explore filing for bankruptcy For Chandrasekaran, as far as Tata Tele’s future is concerned, the options are limited. With no buyers for Tata Tele even after offering the group’s direct-to-home business (Tata Sky) and undersea cable unit ( Tata Communications ), the most viable option left is to wind down the venture, sources said. As things stand now, the closing down of Tata Tele will happen only after lenders agree to a loan recast programme.

Source: Economic Times September 15, 2017 03:20 UTC