Tata Technologies IPO - Might get listed in 2008
Tata Technologies IPO - Might get listed in 2008
Tata Technolgies is planning for a IPO next year , Tata Technologies, the engineering design and technology arm of India’s leading corporate house, is looking to tap the capital market through an initial public offer by next year, a senior company official said here.
Reports Economic times.
Tata Technologies, the specialist engineering and design company of the Tata Group, will make an initial public offering next year to repay debts and fund expansion.
David Myers, chief financial officer, INCAT Ltd, the UK-based Tata Technologies company, said today that the company had lined up major expansion plans towards increasing revenues from the current $220 million to $500 million by 2010. INCAT has a staff of about 3,000, serving clients worldwide from facilities in North America, Europe and the Asia-Pacific region. About 2,300 of its employees are based in Pune and about 210 at three offices in Bristol, Coventry and Luton in the UK. The company also plans to double its staff in the next three years. INCAT, which provides engineering and design services to automotive, aerospace and general manufacturing industries, was acquired by Tata Technologies in 2005 for £53.40 million.
