Tata Group pays off dues of TTSL to close sale of consumer mobile business

Tata Group has settled the stipulated dues owed to lenders and the government, estimated to be roughly Rs 50,000 crore, to complete the sale of consumer mobile business to Bharti Airtel.

“All debt obligations of Tata Teleservices have been repaid as per the schedule,” a Tata Sons spokesperson said responding to a PTI query.

The spokesperson declined to comment on the specifics, but an official privy to the development said that the payment to lenders and Department of Telecom was roughly to the tune of Rs 50,000 crore and added that the payments were made over a period of time.

Earlier this month, a joint statement issued by Airtel and Tata Teleservices had said that the consumer mobile business of Tata Teleservices has now become part of the Sunil Mittal-promoted telecom company.