The Tata Group is in talks with its biggest minority shareholder on proposals to unlock liquidity, including a potential swap of shares of its listed entities, as the Shapoorji Pallonji Group seeks funds to repay costly debt, according to people familiar.
Representatives of Noel Tata, the Tata family patriarch, are exploring the possibility where SP Group receives shares of companies such as Tata Power Co. in exchange for some or all of its 18.4% in the privately-held Tata Sons Pvt., the people said, asking not to be identified because the discussions are private.
