The board of Tata Motors Ltd has given its preliminary consent for the company to contemplate selling a portion of its ownership in Tata Technologies Ltd through an IPO.
The manufacturer stated in a release on Monday that once a plan is in place, the business would make announcements regarding advances pertaining to the IPO.
Tata Technologies offers original equipment manufacturers in the automotive and aerospace industries as well as their suppliers engineering and design services, product development, and IT service management.
For the fiscal year 2021—22 (April—March), Tata Technologies, under the direction of CEO Warren Harris, reported a 47% increase in revenue to Rs3,530 crore and a significant 74% increase in profit after tax to Rs437 crore.
Given the promising future prospects for the automotive and aerospace industries, Tata Technologies may be the best option when Tata Motors decides to unlock value in some of its businesses.
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