Tata Sons makes Rs 16,439 crore provisions for telecom business

For the fiscal year, at the consolidated level, the company's profit after tax has come down to Rs 10,916 crores from Rs 28,463 crores, mainly due to an increase in exceptional items

Tata Sons, the holding company of the Tata group, has made provisions of Rs 16,439 crore for its now closed telecom business, according to the annual report of the company for the fiscal ending March 2020.

With this, the total amount written off by Tata Sons for its telecom business is now close to Rs 60,000 crore. In December 2019, DoT raised a consolidated demand for Rs 16,612 crores towards license fees, spectrum usage charges, interest, penalty and interest on penalty on TTSL and TTML, following a Supreme Court order. Tata Sons has already paid Rs 2,197 crores against this,