Tata, SP Group in talks for share swap deal
Tata Sons and the Shapoorji Pallonji (SP) Group are in talks for a share swap deal that could let SP gradually exit its 18.4% stake in Tata Sons.
Instead of cashing out directly, SP would get shares in listed Tata companies—making it much easier to trade or sell when they want.
SP Group has pledged its Tata stake against ₹60,000 crore
SP Group has pledged its Tata stake against about ₹60,000 crore in debt, much of it at high interest rates, so they're under real pressure.
A direct buyback could mean big taxes and more debt for Tata Sons—neither side wants that.
This share swap could finally resolve a long-standing shareholder standoff, but it still needs regulators, lenders, and both sides to agree on valuation.
The outcome could reshape control and stability for one of India's biggest business groups.