Tata Motors is planning to list one of its subsidiary Tata Technologies in the current financial year. It would be after more than 18 years, that India’s primary market would see a listing of any Tata Group firm and the first time under the tenure of Tata Group chairman N Chandrasekaran, who took over in January 2017. The software group from Salt will use it. Proceeds to expand the business of Tata Technologies.
Tata Technologies is planning to launch an initial public offering on the back of a surge in demand in the electric vehicle segment and a rebound in the aerospace industry.
Tata Group’s stationary product engineering and digital services company, a subsidiary of Tata Motors, has launched IPO As Moneycontrol reports, the process by onboarding an investment bank to evaluate the float.
According to the automaker’s 2022 annual report, Tata Motors holds over 74 per cent stake in Tata Technologies.
Tata Tech is focused on four key verticals – Automotive, Aerospace, Industrial Machinery and Industry. It is growing rapidly due to accelerated investments in autonomous, connected, electrification and shared (ACES) mobility and digital as manufacturing companies adapt to meet the needs of new and evolving customers.
Tata Technologies employs 9,300 people worldwide, serving customers from facilities in North America, Europe and the Asia Pacific region.
The company has 18 global distribution centers and four business segments: engineering, research and development (ER&D) services, digital enterprise solutions (DES), education offerings, and value-added resale and iproducts offerings.
For the year ended March 31, 2022, Tata Tech has reported revenue of Rs 3529.6 crore, which includes underlying operating profit of Rs 645.6 crore and profit after tax of Rs 437.0 crore.
“These best-ever results equate to annual revenue growth of 47 per cent, operating profit growth of 65 per cent and profit after tax growth of 74 per cent,” said S Ramadurai, chairman of the board of directors. Firm’s latest annual report.
The company is listed by Airbus in its engineering, manufacturing engineering and services strategic supplier program.
Tata Technologies recently announced that it has joined the MIH consortium launched by Foxconn to promote the development of sustainable mobility solutions and encourage collaboration within the industry.
MIH (Mobility in Harmony Consortium) comprises over 2,300 members in the software, hardware and services sectors. This open electric vehicle alliance aims to bring together strategic partners to build the next generation of EV, autonomous driving and mobility service applications.
Another Tata group company Tata Sky is also planning to launch its IPO to exit investors including Disney. The satellite television business is yet to file its draft red herring prospectus with the capital markets regulator, the Securities and Exchange Board of India.
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