Tata Sons is considering a forensic audit of last year’s purchase of Welspun Renewables Energy Pvt for Rs 9,249 crore by Tata Power Ltd because of concerns over corporate governance, allegedly inflated valuations and the unusual swiftness in execution, two persons with direct knowledge of the development told ET.
The 2016 acquisition, which made Tata Power one of India’s largest renewable companies with a capacity of 2.3 gigawatts, was a key point of friction between former Tata Sons chairman Cyrus Mistry and its largest shareholder Tata Trusts, which accused him of not sharing exact details of the talks. Tata Sons is the holding company for the conglomerate and Mistry was ousted as chairman in October after the board lost confidence in him. Read more
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