Tata Sons plans first overseas loan to pay debts

New Delhi, Mar 9: Tata Sons Ltd is seeking an offshore syndicated loan, as it seeks to pay down expensive debt at telecommunications units, according to people familiar with the matter. The holding company for India’s biggest business group has mandated lenders for a $1.5 billion six-year loan, the people familiar said this week. Tata Sons plans to use the proceeds to repay debt of units Tata Teleservices and Tata Teleservices Maharashtra, according to a separate person familiar with the matter, who asked not to be identified as the person isn’t authorised to speak.