Jobaaj Stories
Sources have reported that Tata Motors is planning to list its subsidiary called Tata Technologies and has also appointed bankers for the issue.
Tata Technologies Limited (TTL)began operations in 1989 and provides engineering and design services to the world's leading manufacturers. It has 3 main services: Engineering, Research & Development (ER&D), Product Lifecycle Management (PLM), and Connected Enterprise IT (CEIT). It was founded as a business unit of Tata Motors. The company initially began work as INCAT, based in the UK, as a combination of three enterprises.
Vedanta to acquire Athena Chattisgarh Power, read more.
It spun off as an independent business in 1994 as a company headquartered in Singapore and began operations in India in 1996. By 2005, TTL acquired 100% of INCAT and expanded globally. By 2021, the company surpassed $400 million in revenues and had a headcount of over 9,000 employees.
Tata Motors holds a 72.48% stake in the company while Alpha TC Holdings and Tata Capital Growth Fund own 8.96% and 4.48%, respectively. Tata Motors Finance, Tata Enterprises Overseas, and Zedra Corporate Services are some of the other investors in the company.
This IPO would be Tata Group's first IPO in 18 years after it launched TCS's IPO in 2004. Citigroup is also said to be in conversation with the company to consult the company on the public issue. The reports suggest that the company will be using the IPO proceeds to expand its reach and acquire new clients.
Moreover, Tata Sky, Tata Group's satellite television business, is also said to be in talks to launch its own IPO but is yet to file its DRHP with the market regulator SEBI.
Article by Aman Agarwal.
This news piece is brought to you in association with jobaaj.com
