The group has a host of companies in the financial services space that include Tata Financial Services, Tata Investment Corporation Ltd [Get Quote], Tata Asset Management, Tata Securities, one of which is listed on the Bombay Stock Exchange.

Under the plan, which is still being worked out, there will be a broad group holding company under which the different businesses will be organised as divisions.

It is not clear, however, whether the group's two insurance joint ventures --one in life and the other in general -- with insurance giant AIG will be a part of the consolidation exercise.

The structure is more on the lines of Reliance Anil Dhirubhai Ambani Group's Reliance Capital [Get Quote], which has interests in various financial services, including asset management, insurance, private equity, stockbroking, amongst others.

In a written reply, a spokesperson for Tata Sons, the Tata group's holding company, said, "As a policy, Tata Sons would not like to comment on such questions." Finance Director Ishaat Hussain declined to comment saying he was busy in a meeting.

Tata Asset Management, which was set up in 1994, is one of the country's oldest fund houses and was managing an asset base of over Rs 15,412 crore on April 30, 2007.

It has an investor base of over a million customers and has floated instruments ranging from equity funds to debt funds and balanced funds.

Tata Investment Corporation Ltd, promoted by Tata Sons, is a non banking financial company that handles a portfolio of investments worth over Rs 600 crore in book value and also acts as a promoter of new companies and projects.

While Tata Sons and some other group companies hold 60 per cent equity in the company, the rest is held by the public. The TICL scrip closed 1.87 per cent down at Rs 431 in a falling Mumbai market today.

Tata Financial Services is an in-house financial consultancy services company that conducts long- and short-term financial planning for Tata group companies.

The company plays a key role in financial structuring of deals, mergers and acquisitions and public and rights issues of group companies.

TICL, together with Tata Sons, is a promoter of Tata Mutual Fund. TICL is also the principal shareholder in Tata Securities -- a company that distributes mutual funds and other investment-related securities.