In a major development related to the boardroom battles in the Tata Sons, both the Tata Group and the Shapoorji Pallonji Group have agreed not to opt for the Initial Public Offering (IPO) as it may harm the interests of both conglomerates. However, the Tata Trusts Chairman, Noel Tata, has refused to bail out the SP Group. The man, who is married to the sister of the late SP Group Chairman Cyrus Mistry, has bluntly said that he would not go to bail out the biggest minority shareholders. According to the Hindu Business Line, Ratan Tata's half-brother said, "Why should we bail out the SP Group now? Did they ask us before running up a debt of Rs 50,000 crore? And where has the money gone?"

SP Group debt

The SP Group is desperate for the Tata Sons IPO as it would list the Tata Group companies

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