Warburg Pincus to invest USD 360 mn to acquire minority stake in Tata Technologies

| Updated: Aug 23, 2017 11:20 IST

New Delhi [India], June 15 (ANI): An affiliate of Warburg Pincus, a leading global private equity firm has committed to invest around USD 360 million for approximately 43 percent equity stake in Tata Technologies Ltc., a global leader in engineering outsourcing and product development IT services. The private equity firm Warburg Pincus will purchase approximately 30 percent from Tata Motors, and its subsidiary Sheba Properties Ltd. However, it will also buy 13 percent stake held by Tata Capital (8.7 percent) from Alpha TC Holdings Pte. Ltd and 4.3 percent from Tata Capital Growth Fund. "Tata Technologies has developed significant engineering capabilities over the years. The partial divestment is part of Tata Motors' plan to strategically monetize part of the value created while also inducting a valuable partner, together with whom the Company can excel in its next phase of growth," said Group CFO Tata Motors, C. Ramakrishnan. Adding to this Ramakrishnan added that the company intends to achieve greater heights for the all its stakeholders courtesy its partnership with Warburg Pincus. "We are delighted to be partnering with the Tata Group to support the continued growth and development of the company," said MD and co-head Warburg Pincus India, Vishal Mahadevia. He added that the collaboration will enable engineering services space to grow the business, organically and inorganically. (ANI)