TPG Rise Climate is the lead investor for this transaction, which ascribes an equity valuation of Rs 16,300 Cr (around US$ 2.0 billion) for TTL.
13 Oct 2023 | 6477 Views | By Autocar Professional Bureau
Tata Motors Limited (TML) has entered into share purchase agreements to sell 9.9% stake in Tata Technologies Ltd (TTL) for an aggregate consideration of Rs 1,613.7 crore.
TPG Rise Climate is the lead investor for this transaction, which ascribes an equity valuation of Rs 16,300 crore (around US$ 2.0 ...
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Tata Motors Limited (TML) has entered into share purchase agreements to sell 9.9% stake in Tata Technologies Ltd (TTL) for an aggregate consideration of Rs 1,613.7 crore.
TPG Rise Climate is the lead investor for this transaction, which ascribes an equity valuation of Rs 16,300 crore (around US$ 2.0 billion) for TTL.
TTL, a subsidiary of TML, is a leading global engineering services company offering product development and digital solutions to global original equipment manufacturers. TTL has deep domain expertise in the automotive industry and leveragesthis expertise to serve clients in adjacent industries, such as in aerospace, transportation and construction heavy machinery. TTL’s deep manufacturing domain knowledge and globally distributed service delivery capability helps it deliver value-added services to its clients.
This transaction furthers TML’s de-leveraging agenda and is expected to close in the next two weeks on completion of customary closing procedures.
TTL IPO continues as previously announced.The timing of the IPO will be decided by TTL board, post all final SEBI clearances subject to market conditions and in consultation with the BRLMs.