India: Tata Sons May Shut Oil Production Arm Petrodyne In Business Revamp

India: Tata Sons May Shut Oil Production Arm Petrodyne In Business Revamp

Tata Sons Ltd may shut down Tata Petrodyne Ltd (TPL), its oil exploration and production arm, as new chairman N. Chandrasekaran weeds out businesses that are unprofitable or lack scale, according to two people aware of the development.

“Tata Petrodyne has not made much progress since inception. As part of the pruning exercise, Tata Sons has also slashed salaries of officials at Tata Petrodyne,” said one of the people on condition of anonymity as he is not allowed to talk to the media.

Registrar of Companies data shows Tata Petrodyne’s turnover at Rs66 crore for fiscal 2016-17. Filings confirm the firm has cut the salaries of its officials. Read More…

 

 Credit By : Deal Street Asia

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