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Tata group’s Tata Investment Corporation has written off its over 50-year old equity stake in 26 companies from Pakistan and Sri Lanka.
These investments have been written off as most of these companies from the two countries have either closed operations or could not be traced or realised.
The investments have been written off at “a very nominal amount”, Tata Investment Corporation Ltd (TICL) said, without disclosing the exact cost. “... the company wrote off the historical holdings in 26 companies in Sri Lanka and Pakistan, which the company had been carrying for over 50 years but which had either closed operations or could not be traced or realised and the cost of which had been written down to a very nominal amount,” TICL disclosed in its latest annual report for 2011-12.
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