Tata Motors on Thursday said it has completed the transfer of its defence business with effect from April 1 to Tata Advanced Systems Ltd (TASL) for an upfront consideration of Rs 227.7 crore.
The transfer has been completed through a slump sale as per Scheme of Arrangement approved by National Company Law Tribunal at Mumbai and Hyderabad, the auto major said in a regulatory filing.
Tata Motors has been in the defence sector for several decades, and currently has a wide portfolio of logistics, combat support and armoured vehicles for the defence, paramilitary and state police forces.
In recent years, the company has also focussed on developing armoured carriers and platforms such as wheeled amphibious armoured fighting vehicles, mine protected and light armoured multi-role vehicles.
Tata Motors has partnered the Indian defence establishment in various strategic programmess such as MRSAM, Aakash, Agni, BrahMos, etc. The company also exports defence vehicles to SAARC, ASEAN, and African nations.
TASL, a wholly owned subsidiary of Tata Sons, is focused on providing integrated solutions for aerospace, defence and homeland security.