'Tata Technologies is open to investments'

Warren Harris, chief executive officer and managing director, Tata Technologies, on Sunday said the firm was open to investments from private investors. He, however, declined the news that Canada Pension Plan Investment Board and wealth fund GIC were in talks to acquire a minority stake in the company. Harris also said the company's target of becoming a $1-billion company was still on.

"I know there is a lot of speculation in the press in terms of investors lining up to take advantage of a potential opportunity to buy shares in Tata Technologies. But, it's just a speculation. If there is an opportunity for companies to buy shares in Tata Technologies, I would not be surprised if investors were interested, given the growth story that we represented, the value we generated to build up to our share holders in the past 10 years," said Harris.

Tata Technologies has clocked consolidated income of Rs 2,644 crore and profit of Rs 334 crore in FY15-16. Last financial year, 70 per cent was owned by Tata Motors. The other stake holders in the company are Alpha TC Holding (nine per cent) and private equity firm Tata Capital Growth Fund (four per cent). The remaining 17 per cent is held by other Tata Group entities and employees and directors of Tata Technologies.