Tata Technologies To Announce Long-Awaited IPO Plans Today
Pune, 16th November 2023: In a highly anticipated move, Tata Technologies Limited is set to make a significant announcement today, revealing details about its Initial Public Offering (IPO). The unveiling will take place during a press conference scheduled for 12:15 pm.
Tata Technologies Limited, a key player in the Indian multinational product engineering sector, specializes in providing comprehensive services in engineering and design, product lifecycle management, manufacturing, product development, and IT service management. The company caters to original equipment manufacturers in the automotive and aerospace industries, along with industrial machinery companies. Notably, it operates as a subsidiary of Tata Motors.
Headquartered in Pune, with regional headquarters in the United States (Detroit, Michigan), Tata Technologies boasts a global workforce exceeding 11,000 employees across 18 delivery centers spanning India, North America, Europe, and the Asia-Pacific region.
Founded in 1989 as the automotive design unit of Tata Motors, Tata Technologies emerged as a standalone entity in 1994, with Tata Motors retaining a majority stake and serving as its principal client.
Over the years, the company has expanded its footprint through strategic acquisitions:
- In August 2005, Tata Technologies Inc acquired INCAT International, a UK and US-based automotive and aerospace engineering company, for £53.4 million.
- In 2011, Tata Technologies raised ₹141 crore (US$30 million) by selling a 13% stake to Tata Capital and Alpha TC Holdings.
- April 2013 witnessed Tata Technologies’ acquisition of Cambric Corporation, an American engineering services company, for $32.5 million.
A significant turn of events occurred in 2017 when the Tata Group, aiming to alleviate Tata Motors’ debt, announced a 43% stake sale in Tata Technologies to private equity firm Warburg Pincus for $360 million. However, the deal was later called off in 2018, marking a shift in the company’s trajectory.
Stay tuned for more detailed insights into Tata Technologies’ IPO and its potential impact on the industry.
