MUMBAI (Reuters) - An affiliate of private equity firm Warburg Pincus will buy an about 43 percent stake in Indian engineering outsourcing provider Tata Technologies Ltd for $360 million.
Warburg will buy an about 30 percent stake from Tata Motors and its subsidiary, Sheba Properties Ltd, and another 13 percent held by Tata Capital in Tata Technologies, Tata Motors said in a statement on Thursday.
Tata Motors and affiliates of Tata Group will continue to own about 43 percent of Tata Technologies, while the company’s management team and other shareholders will own the remainder, it added.
“The partial divestment is part of Tata Motors’ plan to strategically monetize part of the value created while also including a valuable partner, together with whom the Company can excel its next phase of growth,” Tata Motors group finance chief C. Ramakrishnan said in the statement.
Reporting by Sankalp Phartiyal; editing by Devidutta Tripathy and Amrutha Gayathri