Tata Communications Limited entered into a business transfer agreement on December 14 to sell off the company’s non-network Internet of Things business to its wholly-owned subsidiary, Tata Communications Collaboration Services Private Limited (TCCSPL), as a going concern on a ‘slump sale’ basis, according to a press release.
The IoT operations of the sale will comprise device, application, platform and managed services components.
Furthermore, the transaction between the company and its wholly-owned subsidiary will be valued at Rs 42.34 crore and the expected date for the closure of transaction is January 1, 2023.
By focusing on customers’ issue-based problem solving in a network-independent manner, TCCSPL hopes to assist and simplify the IoT business, enable its growth, generate customer value, and take the lead in the IoT market. Moneycontrol