+
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
Real Estate

MoHUA Sanctions 1.47 Lakh Additional Houses Under PMAY-U 2.0

In a major push towards the Government’s Housing for All mission, the Ministry of Housing and Urban Affairs (MoHUA) has approved 1,46,582 additional pucca houses under Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) for 14 States/UTs, bringing total sanctions under the revamped scheme to 8.56 lakh.The decision came during the fourth meeting of the Central Sanctioning and Monitoring Committee (CSMC), chaired by Srinivas Katikithala, Secretary, MoHUA, at the Ministry’s Kasturba Gandhi Marg office. Senior officials, State Principal Secretaries, and PMAY-U Mission Directors participated ..

Next Story
Real Estate

Piyush Goyal Inaugurates Expanded ISA Building at Intellectual Property Office

Union Minister of Commerce and Industry, Piyush Goyal, today inaugurated the newly expanded International Searching Authority (ISA) building at the Intellectual Property Office (IPO) in Dwarka, New Delhi, marking a major step forward in India’s intellectual property ecosystem.Addressing the gathering, Goyal highlighted that innovation has been central to India’s heritage for centuries, citing the engineering brilliance of the Konark Temple as a historic example. He emphasised that innovation is not just intellectual property but a symbol of sovereignty, and a key driver in India’s journe..

Next Story
Real Estate

SIEGER Boosts Automation in Mumbai Realty

SIEGER, a leading automation solutions provider, is expanding its advanced manufacturing capabilities to meet the surging demand for precision, high-speed automation in Mumbai’s rapidly growing real estate sector.Operating from a 21,000 m² advanced production hub in Coimbatore—part of a 40,000 m² integrated campus—SIEGER offers complete solutions from design and prototyping to manufacturing and deployment. The fully digitalised facility features CNC machining, QR-coded component tracking, conveyorized powder coating, and a Government of India–certified R&D centre, ensuring unmatc..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?