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