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Tata Technologies plans expansion into aerospace and tech sectors

Published Nov 18, 2023 11:38AM ET
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PUNE, India - Tata Technologies, a global engineering services company, is looking to expand its business beyond its current stronghold in the automotive sector. The company, which presently derives 90% of its revenue from automotive services, is setting its sights on increasing the revenue share of its aerospace and technology, communication, health, and media (TCHM) segments.

The move towards diversification includes initiatives such as aircraft conversion for cargo use, highlighting the firm's adaptability and innovation capabilities. Chief Financial Officer Savita Balachandran pointed out the significant potential within the aerospace industry, particularly through transformative projects. One such project involves Air India, where Tata Technologies is applying reverse engineering and digital tools to streamline aircraft development processes.

With over 12,000 employees and half-year revenues for FY24 standing at ₹2,523 crore, Tata Technologies is gearing up for an Initial Public Offering (IPO). The IPO is scheduled to be launched with a price range of ₹475-₹500 per share between November 22nd and November 24th. The offering includes a sale of shares from parent company Tata Motors (NYSE:TTM) totaling 6.08 crore, as well as stakes from Alpha TC Holdings Pte Ltd and Tata Capital Growth Fund I.

CEO Warren Harris has expressed confidence in India's role as a pivotal center of innovation for global manufacturing. This sentiment aligns with the company's strategic efforts to leverage its expertise in OEM product innovation and partnerships within the burgeoning new energy vehicle market.

Tata Technologies' planned IPO and its push into aerospace and TCHM segments represent a significant step in its growth strategy, positioning the company to tap into new markets while continuing to build on its strong presence in the automotive industry.

InvestingPro Insights

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This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Tata Technologies plans expansion into aerospace and tech sectors

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