Tata Technologies

Last updated

Tata Technologies Limited
Company type Public Subsidiary
ISIN INE142M01025
Founded1989;35 years ago (1989)
Headquarters Pune, Maharashtra, India
Key people
Warren Harris (CEO and MD) [1]
Services
RevenueIncrease2.svg₹5,233 crore (US$660 million) (FY24) [5]
Increase2.svg₹932 crore (US$120 million) (FY24) [5]
Increase2.svg₹727 crore (US$91 million) (FY24) [5]
Number of employees
11,000 (2023)
Parent Tata Motors (53.39%) [6]
Website www.tatatechnologies.com

Tata Technologies Limited is an Indian multinational product engineering company that provides services in engineering and design, product lifecycle management, manufacturing, product development, and IT service management to automotive and aerospace original equipment manufacturers as well as industrial machinery companies. [7] [8] It is a subsidiary of Tata Motors. [9]

Contents

Tata Technologies has its headquarters in Pune and regional headquarters in the United States (Detroit, Michigan). As of 2023, the company has a combined global workforce of more than 11,000 employees across its 18 delivery centres in India, North America, Europe and the Asia-Pacific region. [10] [11]

History

Tata Technologies European Innovation & Development Center in Leamington Spa, England Tata Technologies European Innovation & Development Center.jpg
Tata Technologies European Innovation & Development Center in Leamington Spa, England
eMO, a concept electric car developed by Tata Technologies, on display at the 2012 North American International Auto Show Tata Technologies eMO (6671537663).jpg
eMO, a concept electric car developed by Tata Technologies, on display at the 2012 North American International Auto Show

Tata Technologies was founded in 1989, as the automotive design unit of Tata Motors. [12] It was hived off as a separate company in 1994, with Tata Motors continuing to hold a majority stake and be its biggest client. [13]

Tata Technologies Inc acquired INCAT International, a UK-and US-based automotive and aerospace engineering company, in August 2005 for £53.4 million. [14]

In 2011, Tata Technologies raised ₹141 crore (US$30 million) by selling 13% stake to Tata Capital and Alpha TC Holdings. [15]

In April 2013, Tata Technologies acquired Cambric Corporation, an American engineering services company, for $32.5 million. [16]

In May 2017, Tata Technologies acquired 100% stake in Swedish automotive design and product engineering company, Escenda Engineering AB. [17]

In 2017, in an effort to reduce Tata Motors' debt, the Tata Group announced that it would sell a 43% stake in Tata Technologies to private equity firm Warburg Pincus for $360 million and cease to be the controlling shareholder in the company. [18] However, the deal was called off in 2018. [19]

In November 2023, Tata Technologies launched its book-built initial public offering (IPO) selling shares worth ₹3,042 crore (US$380 million), making it Tata Group's first public offering in nearly two decades. [20] Its shares began trading on NSE and BSE on 30 November 2023. [21]

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References

  1. ↑ "Tata Tech eyes acquisitions, 69% growth to nearly $800 mn by 2025". Business Standard. 10 June 2022. Retrieved 11 May 2023.
  2. ↑ Gopalan, Krishna (22 May 2009). "Tata Tech eyes $1b revenue in seven years: Patrick McGoldrick". The Economic Times. Retrieved 11 May 2023.
  3. ↑ "Tata Tech looking for buys up to $50 m". The Hindu Businessline. 25 March 2014. Retrieved 11 May 2023.
  4. ↑ "Tata Technologies to hire 400 people by March 2012". The Economic Times. 26 June 2011. Retrieved 11 May 2023.
  5. 1 2 3 "29th Annual Report 2022-23" (PDF). Tata Technologies. Retrieved 4 May 2024.
  6. ↑ Agarwal, Nikhil (22 November 2023). "Tata Tech IPO: Tata Motors to take home Rs 2,300 crore against Rs 34 crore investment". The Economic Times. Retrieved 23 November 2023.
  7. ↑ Srivastava, Moulishree (26 March 2014). "Tata Technologies plans to open more centres in India". mint. Retrieved 11 May 2023.
  8. ↑ Kalesh, Baiju; Shah, Sneha (7 April 2015). "Tata Motors and Tata Capital are looking to sell their 90% stake in Tata Technologies". The Economic Times. Retrieved 11 May 2023.
  9. ↑ Baggonkar, Swaraj (16 June 2022). "Tata Technologies to hire more amid talent crunch". The Hindu Businessline. Retrieved 11 May 2023.
  10. ↑ "Tata Motors arm Tata Technologies files draft IPO papers with Sebi". Business Today. 10 March 2023. Retrieved 11 May 2023.
  11. ↑ Shinde Nadhe, Shivani (20 September 2014). "Tata Technologies: Acquisitions key for $1-bn revenue target". Business Standard. Retrieved 4 July 2023.
  12. ↑ "Tata Tech eyes $250m buys to hit $1bn sales". The Times of India. 23 February 2015. Retrieved 11 May 2023.
  13. ↑ "PEs vie for $520 million Tata Tech stake". The Times of India. 22 April 2015. Retrieved 11 May 2023.
  14. ↑ "Tatas to acquire INCAT International". Rediff. 18 August 2005. Retrieved 21 January 2013.
  15. ↑ "Tata Tech sells 13% stake for Rs 141 cr to Alpha TC, TCGF". The Economic Times. 3 May 2011. Retrieved 11 May 2023.
  16. ↑ "Tata Technologies to acquire US-based firm Cambric for $32.5 million". The Economic Times. 26 April 2013. Retrieved 11 May 2023.
  17. ↑ "Tata Technologies acquires Swedish Escenda Engineering". Economic Times. Retrieved 2 December 2023.
  18. ↑ Ghoshal, Devjyot (19 June 2017). "Tata Technologies: One of the best-kept secrets of the Tata Group is leaving the mothership". Quartz. Retrieved 11 May 2023.
  19. ↑ Susmit, Sneh (5 February 2018). "Warburg Pincus, Tata Motors call off $360 million stake sale in Tata Technologies". mint. Retrieved 11 May 2023.
  20. ↑ Sen, Meghna (22 November 2023). "Tata Technologies IPO opens: Should you bet on the Tata group's first IPO in 20 years". CNBC TV18.
  21. ↑ "Tata Technologies makes bumper D-st debut; lists at 140% premium at Rs 1,200". Business Today. 30 November 2023. Retrieved 2 December 2023.
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