Tata Tech expects 35% biz growth with increasing EV demand in India
POWER & RENEWABLE ENERGY

Tata Tech expects 35% biz growth with increasing EV demand in India

Tata Technologies (Tata Tech), the Tata Group's engineering services and product development arm, has announced that its business will grow by more than 35% in the current financial year 2021-22, or FY22, owing to recovery-driven investments in the automotive sector and companies laying out long-term plans for electric vehicles (EVs) around the world.

The company's revenue for 2020-21 fell 16.5% to Rs 2,380.9 crore due to the Covid-19 pandemic, compared to the previous financial year. The company has also set a revenue goal of becoming a half-billion-dollar company by the end of this fiscal year.

The rise in interest in the electric vehicle segment by various companies, according to Tata Tech, will likely add to its business portfolio in FY22. The company's electric vehicle modular platform is likely to be the driving force.

A delay in launch could cost an original equipment manufacturer around $1 million per day, according to estimates.

Harris said that even though demand in other segments, such as industrial, is increasing.

Tata Tech is owned by Tata Motors to the tune of 72%, and Alpha TC Holdings to the tune of 9%.

Harris informed that the company is financially sound, but declined to comment on the company's plans for an initial public offering.

Before the pandemic, Tata Motors was in talks with Warburg Pincus LLC, a private equity firm, about investing $360 million in Tata Tech. The deal, however, was cancelled due to a delay in receiving regulatory approvals.

Despite the pandemic, the company partnered with GKN Automotive, a global leader in driveline systems and advanced ePowertrain technologies, and in October 2020 opened an advanced, global e-mobility software engineering centre in Bengaluru. The company intends to expand this facility, according to reports.

Image Source


Also read: Tamil Nadu govt to issue revised EV policy with special features

Tata Technologies (Tata Tech), the Tata Group's engineering services and product development arm, has announced that its business will grow by more than 35% in the current financial year 2021-22, or FY22, owing to recovery-driven investments in the automotive sector and companies laying out long-term plans for electric vehicles (EVs) around the world. The company's revenue for 2020-21 fell 16.5% to Rs 2,380.9 crore due to the Covid-19 pandemic, compared to the previous financial year. The company has also set a revenue goal of becoming a half-billion-dollar company by the end of this fiscal year. The rise in interest in the electric vehicle segment by various companies, according to Tata Tech, will likely add to its business portfolio in FY22. The company's electric vehicle modular platform is likely to be the driving force. A delay in launch could cost an original equipment manufacturer around $1 million per day, according to estimates. Harris said that even though demand in other segments, such as industrial, is increasing. Tata Tech is owned by Tata Motors to the tune of 72%, and Alpha TC Holdings to the tune of 9%. Harris informed that the company is financially sound, but declined to comment on the company's plans for an initial public offering. Before the pandemic, Tata Motors was in talks with Warburg Pincus LLC, a private equity firm, about investing $360 million in Tata Tech. The deal, however, was cancelled due to a delay in receiving regulatory approvals. Despite the pandemic, the company partnered with GKN Automotive, a global leader in driveline systems and advanced ePowertrain technologies, and in October 2020 opened an advanced, global e-mobility software engineering centre in Bengaluru. The company intends to expand this facility, according to reports. Image SourceAlso read: Tamil Nadu govt to issue revised EV policy with special features

Next Story
Equipment

Handling concrete better

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select wellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Elevated floors!

Raised access flooring, also called false flooring, is a less common interiors feature than false ceilings, but it has as many uses – if not more.A raised floor is a modular panel installed above the structural floor. The space beneath the raised flooring is typically used to accommodate utilities such as electrical cables, plumbing and HVAC systems. And so, raised flooring is usually associated with buildings with heavy cabling and precise air distribution needs, such as data centres.That said, CW interacted with designers and architects and discovered that false flooring can come in handy ..

Next Story
Infrastructure Urban

The Variation Challenge

A variation or change in scope clause is defined in construction contracts to take care of situations arising from change in the defined scope of work. Such changes may arise due to factors such as additions or deletions in the scope of work, modifications in the type, grade or specifications of materials, alterations in specifications or drawings, and acts or omissions of other contractors. Further, ineffective planning, inadequate investigations or surveys and requests from the employer or those within the project’s area of influence can contribute to changes in the scope of work. Ext..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?