Tata Communications has entered into a business transfer agreement (Agreement) for sale/transfer/hive-off of the Company's non-network Internet of Things business comprising of Device, Application, Platform and Managed Services components (identified business undertaking) to its wholly-owned subsidiary, Tata Communications Collaboration Services (TCCSPL) as a going concern on ‘slump sale’ basis.
The transfer of the identified business undertaking to TCCSPL is subject to the satisfaction of conditions precedent as stipulated in the Agreement and receipt of such permissions and consents that may be required. The tentative date of closure of transaction is January 1, 2023.
Tata Communications along with its subsidiaries is a leading global provider of A New World of Communications.
