Tata Tech to float Initial Public Offer by 2008

David Myers, INCAT’s chief financial officer has stated that Tata Technologies will go for an IPO in the coming year (2008) in order to pay off arrears and fund expansion plans.

Tata Technologies, the specialist engineering and design company of the Tata Group had acquired INCAT, the UK-based engineering and design company in 2005 for 53.40 million pounds.

Mr. David said that INCAT had lined up major growth plans, and has set a goal of $500 million income by 2010 from the existing level of $220 million. The total number of people, presently at 3,000, would also be increased twofold in the period.

Myers told that out of the 3,000 people, around 2,300 were in Pune, India. In United Kingdom, the total head count stood at 210 crosswise three divisions in Bristol, Coventry and Luton.

The UK business makes up about 20% of Tata Technologies’ total earnings. INCAT is eyeing India as a resource pool, and the place for the next expansion stage. Also on the schedule is a plan to establish an office in Bangalore.

As an independent international source of engineering and design services to the world’s biggest automotive, aerospace and durable goods producers, INCAT has over 200 customers comprising strategic ones like Jaguar/LandRover.

Tata Motors is also eyeing Jaguar/LandRover. Tata Technologies and its arms are the affiliate companies of Tata Motors.

Declining to make any statement on the Jaguar/LandRover matter, David told INCAT’s link with Jaguar/LandRover was about four years old.