Tata Motors on Monday said it would explore the possibility of partial divestment of its holding in subsidiary Tata Technologies Ltd through an initial public offering route.
Tata Technologies is a global engineering and product development firm that offers services across automotive and aerospace industries
Tata Motors on Monday said it would explore the possibility of partial divestment of its holding in subsidiary Tata Technologies Ltd through an initial public offering route.
In a regulatory filing, Tata Motors said the IPO Committee of the company, which met on December 12, 2022 has accorded its in-principle approval for such a step.
However, the IPO would be subject to market conditions, applicable approvals, regulatory clearances, including observations from the Securities and Exchange Board of India, and certain other considerations, it added.
Tata Technologies is a global engineering and product development digital services firm. It offers services to industries across automotive, aerospace, industrial heavy machinery and others.
As per information available on the company's website, Tata Technologies had clocked revenue of USD 473.5 million in FY22. It is a strategic supplier to Airbus and it had recently inaugurated its innovation centre in Toulouse, France, as part of its strategy to cater to the product engineering and digital requirements of the global aerospace and defence sector.
In June, Tata Technologies had joined the Foxconn-initiated MIH Consortium to promote development of sustainable mobility solutions and encourage collaboration within the industry. The MIH (Mobility In Harmony Consortium) comprises more than 2,300 members in the field of software, hardware, and services