Tata Communications to hive off non-network IoT biz unit

NEW DELHI: Tata Communications on Wednesday said it is selling its non-network Internet of Things (IoT) business as a going concern on a ‘slump sale’ basis to its wholly-owned subsidiary, Tata Communications Collaboration Services Private Limited (TCCSPL).

“…the Company has entered into a business transfer 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 to its wholly-owned subsidiary, Tata Communications Collaboration Services Private Limited (TCCSPL) as a going concern on ‘slump sale’ basis,” Tata Communications said in a regulatory filing.