Tata Technologies jumped 7.12% to Rs 1124.75 after the company announced the signing of an agreement to form a Joint Venture (JV) with the BMW Group for developing automotive software and business IT solutions.
The JV would establish automotive software and IT development hub in Pune, Bengaluru and Chennai in India. The main development and operations activities shall be established at Bengaluru and Pune. In Chennai, the focus shall be on business IT solutions.
The JV will leverage Tata Technologies' digital engineering expertise and talent pool in India to contribute to the BMW Groups strategic expansion of software coding capabilities across global IT hubs and 24/7 operations. The JV will focus on strategic software development, including solutions for software-defined vehicles (SDV).
In automotive software, the focus will be on automated driving, infotainment, and digital services. In business IT, the emphasis will be on digitalization and automation of product development, production and sales.
From the inception of this JV, 100 trained and experienced Tata Technologies professionals will ensure robust and immediate contributions to software projects. The JV is likely to grow quickly to a four-digit number in the following years.
The execution of the JV agreement is subject to review and approval by the relevant authorities.
Warren Harris, CEO and MD of Tata Technologies, said: Our collaboration with the BMW Group demonstrates our commitment to providing top-tier solutions in automotive software and digital engineering to customers across the world.
Aligned with our vision of engineering a better world, were excited to bring our expertise to the forefront, aiding BMW Group in engineering premium products, delivering great digital experiences for their customers and propelling its digital transformation journey in Business IT.
Tata Technologies is a global product engineering and digital services company.
The company had reported 6.1% increase in consolidated net profit to Rs 170.2 crore in Q3 FY24 as compared with Rs 160.4 crore posted in Q2 FY24. Total revenue from operations rose 1.6% QoQ to Rs 1,289.5 crore in Q3 FY24.
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