Tata Motors Ltd. and private equity firm Warburg Pincus have called off Warburg's proposed acquisition of a 43% stake in Tata Technologies Ltd.
The Indian automaker said delays in securing regulatory approvals for the deal, as well as the company's recent failure to meet internal goals due to market challenges, led to the shelving of the transaction.
In June 2017, Warburg Pincus committed to purchase a 30% equity stake held by Tata Motors and a 13% stake held by Tata Capital, both in Tata Technologies, for $360 million.
Tata Motors said it will continue to explore strategic options to sell its stake in Tata Technologies and remains positive on the outlook of the business.
