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
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000