According to a press release, Tata Communications Limited entered into a business transfer agreement on December 14 to sell the company’s non-network IoT business to its wholly-owned subsidiary TCCSPL as a going concern at a reduced price.

IoT Operations for sale will include devices, applications, platforms and managed service components. Also, the deal between the company and its wholly-owned subsidiary worth Rs 42.34 crore is expected to close on January 1, 2023.

By solving customer-based problems in a network-independent manner, TCCSPL hopes to assist and simplify IoT businesses to achieve their growth, generate customer value, and take a leading position in the IoT market.