Tata Technologies to go in for an IPO next year
03 Oct 2007
Engineering and design company Tata Technologies will go in for an initial public offering (IPO) in 2008 to repay debt and fund its expansion plans. Part of the funds raised will finance major expansion plans for INCAT, the UK-based engineering and design company acquired by Tata Technologies in 2005 for £53.40 million, and accounts for around 20 per cent of Tata Technologies turnover.(See: Tata Motors subsidiary to buy UK design firm INCAT for Rs.411 crore)
INCAT has set itself a target of $500 million in revenue by 2010, from the current level of $220 million. The company''s headcount, presently around 3,000, is to be doubled during the period.
While 2,300 are based in Pune, India, 210 employees are based in the UK, in three offices at Bristol, Coventry and Luton. On the agenda is a plan to set up an office in Bangalore.
As
an independent international provider of engineering and design services to the
world''s largest automotive, aerospace and durable goods manufacturers, INCAT has
more than 200 clients, including Tata Motors takeover targets Jaguar and LandRover.
Tata Technologies and INCAT are Tata Motors subsidiaries.
