Management-led buyout by Mukund Rajan to bid up to $1 bn for Tata fibre arm

The management buyout offer - the first of sorts for the Tata Group - will help the parent repay debt at the ailing telecom unit

A management consortium backed by TPG Capital has bid for a fibre telecommunications network controlled by India’s Tata Group, people with knowledge of the matter said.

The suitors offered at least $1 billion for the fibre assets and related businesses owned by the Indian conglomerate’s Tata Teleservices Ltd. unit, according to the people, who asked not to be identified because the information is private. The consortium is led by Mukund Rajan, the head of international operations for Tata Group’s holding company, they said. 

Some Tata Teleservices employees and another international fund have also joined the bidding group, the people said.