MUMBAI: The Tata Group has revived plans to list Tata Technologies, an engineering solutions and IT product developing arm of Tata Motors, on the local bourses. The company is planning to raise Rs 1,400 crore through an initial public offering (IPO), said two people with direct knowledge of the plan. The proposed share sale will be the first IPO from the Tata Group in 12 years after TCS in July 2004.
An email query sent to the company and Tata Motors did not elicit any response till the time of going to press.
Tata Motors holds 70.43 per cent stake in Tata Technologies, while Alpha TC, a wholly-owned subsidiary of the partnership sponsored by Mizuho Securities and other international investors, owns 8.71 per cent in the company.
Other investors in the company include Tata Capital, Barclays Wealth Corporate Services, Sheba Properties, Tata Entertainment Overseas and Walbrook Nominees, which own between 1 per cent and 5 per cent each.
An email query sent to the company and Tata Motors did not elicit any response till the time of going to press.
Tata Motors holds 70.43 per cent stake in Tata Technologies, while Alpha TC, a wholly-owned subsidiary of the partnership sponsored by Mizuho Securities and other international investors, owns 8.71 per cent in the company.
Other investors in the company include Tata Capital, Barclays Wealth Corporate Services, Sheba Properties, Tata Entertainment Overseas and Walbrook Nominees, which own between 1 per cent and 5 per cent each.
Tata Technologies was planning an IPO in 2008 to fund expansion and repay some of its debts, but the plan was dropped due to the global market meltdown.
For the financial year ended March 31, the company reported revenue of Rs 2,686.20 crore, up 3.6 per cent over the previous year. The company's net profit for the year was Rs 382 crore, up 14.25 per cent from last year. TATA Technologies which started as a design company in 1994 for Tata Motors' automotive business, now earns one-third of its revenue from North America, Europe and the Asia-Pacific re gion. Nearly 65 per cent of its business comes from the automotive sector, 12 per cent from aerospace and the rest from industrial machinery and other businesses.
For the financial year ended March 31, the company reported revenue of Rs 2,686.20 crore, up 3.6 per cent over the previous year. The company's net profit for the year was Rs 382 crore, up 14.25 per cent from last year. TATA Technologies which started as a design company in 1994 for Tata Motors' automotive business, now earns one-third of its revenue from North America, Europe and the Asia-Pacific re gion. Nearly 65 per cent of its business comes from the automotive sector, 12 per cent from aerospace and the rest from industrial machinery and other businesses.
Sandip Ginodia , Director
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Source : Economic Times
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