India’s Tata Motors looks to sell part stake in Tata Technologies via IPO

BENGALURU:

Tata Motors Ltd. (TAMO.NS), an Indian carmaker, announced on Monday that it was considering selling a portion of its ownership in Tata Technologies through an IPO (IPO).

Given that direct broadcast satellite service provider Tata Play is also soon to submit offer paperwork to the market regulator, the anticipated IPO may be among the first for the Tata Group in some time.

Tata Technologies, a business that provides product engineering and digital services, was established as a division of Tata Motors in 1989. According to the most recent annual report, as of March 31, the carmaker owned 74.43% of the business.

In 2018, Tata Motors cancelled an agreement to sell a 43% share in Tata Technologies to Warburg Pincus for $360 million, citing delays in obtaining regulatory licences and performance that fell short of expectations.

Increased sales at Tata Technologies led to a 46% increase in Tata Motors’ revenue from other activities, according to the 2022 fiscal annual report.

As of the end of 2021, the 29 publicly traded firms owned by the Tata conglomerate had a combined market value of $314 billion.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.