Noel Tata, Shapoorji discuss share swap for Tata Sons stake sale

The Tata Group is exploring options with the Shapoorji Pallonji Group to unlock liquidity from its 18.4% stake in privately held Tata Sons, according to people familiar with the matter. Proposals include a potential swap of shares in listed Tata companies such as Tata Power, a Tata Sons buyout financed by overseas banks, or a sale to a global external investor.