May 3, 2018 / 3:10 PM / 6 months ago

BRIEF-Tata Motors To Sell Defense And Aerospace Portfolio To Tata Advanced Systems

May 3 (Reuters) - Tata Motors:

* BOARD APPROVES SALE OF COMPANY’S DEFENSE BUSINESS TO TATA ADVANCED SYSTEMS, A WHOLLY-OWNED SUBSIDIARY OF TATA SONS LIMITED

* BOARD APPROVES SALE OF COMPANY’S SHAREHOLDING IN TAL MANUFACTURING SOLUTIONS LIMITED, A WHOLLY-OWNED SUBSIDIARY, TO TASL

* SAYS DEFENSE BUSINESS SALE TO NOT INCLUDE PURE CIVILIAN VEHICLES

* TO RECEIVE 1 BILLION RUPEES UPFRONT, AND A DEFERRED CONSIDERATION OF 3 PERCENT OF REVENUE GENERATED FROM IDENTIFIED PROJECTS

* SAYS TO RECEIVE DEFERRED CONSIDERATION FOR UP TO 15 YEARS FROM FY20 SUBJECT TO A MAXIMUM OF 17.5 BILLION RUPEES Source text for Eikon: bit.ly/2HNISYR Further company coverage: (Mumbai newsroom)

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