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Indian powerhouse Tata Group ties up with top Chinese bank ICBC
December 2, 2015, 7:22 am

From left: Yan Jun, general manager, special financing department, Industrial and Commercial Bank of China (ICBC); Jiang Jianqing, chairman, ICBC; Group Chairman Cyrus P Mistry and Madhu Kannan, member, Group Executive Council, Tata Sons [Image: Tata Group]

From left: Yan Jun, general manager, special financing department, Industrial and Commercial Bank of China (ICBC); Jiang Jianqing, chairman, ICBC; Group Chairman Cyrus P Mistry and Madhu Kannan, member, Group Executive Council, Tata Sons [Image: Tata Group]

Indian conglomerate Tata Sons Ltd. on Wednesday announced a strategic partnership with the Industrial and Commercial Bank of China Ltd. (ICBC) to provide it with a host of banking services.

The Indian group produces much of the nation’s salt, steel, trucks, electricity, fertilizer and other basic goods.

Under the alliance, ICBC will provide the Tata group with financing products, global cash management, consulting, international trade finance business, investment banking, foreign exchange, derivatives trading, and other global financial services, Tata Sons said in a statement.

ICBC is China’s biggest lender by assets.

A team of Tata executives, led by Group Chairman Cyrus P Mistry, met with Jiang Jianqing, chairman, ICBC, and his team to formalise the engagement.

The statement added that ICBC will also create a global service team which will support Tata group’s strategic development plans.

ICBC will provide services to Tata in locations including India, China, the United States and Europe, and Tata group will consider proposals from ICBC and solicit its participation on bilateral transactions and tender offers, the statement said.

The Indian conglomerate has added brands such as Land Rover, Jaguar, Tetley tea and New York’s Pierre hotel to the group.

Tata Sons’ annual revenues total $109 billion, primarily from Tata Consultancy Services Ltd., Asia’s largest technology-services company, Tata Steel Ltd. and Tata Motors Ltd., as well as almost 100 other companies.

 

Source: Agencies

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