Tata Technologies to Receive Rs. 141.06 Cr. Equity Funding from Alpha TC Holdings and Tata Capital Growth Fund

PUNE, India, May 3, 2011 /PRNewswire/ -- Tata Technologies, a global leader in Engineering Services Outsourcing and Product Development IT, announced it has completed a round of equity funding for Rs. 141.06 Cr. ($30 million USD) from Alpha TC Holdings Pte. Ltd. and Tata Capital Growth Fund I. The investment represents a 13.04% equity stake on fully diluted basis.

Alpha TC Holdings Pte. Ltd. and Tata Capital Growth I, specialize in investing in mid-sized companies within India that are market segment leaders which demonstrate high growth potential.

Commenting on this significant development, Patrick McGoldrick, Tata Technologies Managing Director and CEO, said, "We welcome our new investors, their vote of confidence in the business model we have created and their commitment to help us grow our company. With this investment, we will continue to aggressively grow our business and provide our customers with better, more innovative products."

"Mizuho Securities is pleased with the investment made by Alpha TC Holdings Pte. Ltd. in a top-quality engineering and product development company like Tata Technologies," said Shigeki Usuki, Head of Investment Department - Mizuho Securities.  "We anticipate that such investments will fulfill the promise of the Fund to connect exceptional Indian businesses to potential Japanese customers."

"Tata Technologies has strong expertise in manufacturing-related verticals, positioning it in the sweet spot of the third wave of outsourcing. We are confident that its highly-talented international executive leadership will leverage the business model and macro factors, as well as its incumbent advantage to create the top specialized engineering and product development business in India," said Akhil Awasthi, Managing Partner - Tata Capital Growth Fund.

Tata Technologies is the first of its kind in India to offer full-vehicle development capabilities with a robust offshore engineering engagement model to reduce cost and deliver benchmark quality products. Tata Technologies' revenue has doubled over the past five years and its profits have grown by over 11 times. The company is positioned to become the number-one partner to manufacturers worldwide.

About Tata Technologies

Tata Technologies, founded in 1989, is a global leader in Engineering Services Outsourcing and Product Development IT services for the global manufacturing industry. Tata Technologies, through its pragmatic approach to engineering and manufacturing processes, also delivers best-in-class solutions for Product Lifecycle Management (PLM) and Enterprise Resource Management (ERM) to the world's leading automotive, aerospace, heavy machinery, industrial and consumer product manufacturers and their suppliers.

Tata Technologies has offices in 11 countries with Delivery Centers in India (Pune), the United States (Novi, Michigan), UK (Coventry), Thailand (Bangkok) and international headquarters in Singapore. The company has a combined global work force of more than 4,500 employees working from Tata Technologies facilities as well as client sites.

About Tata Capital

Tata Capital Limited is a subsidiary of Tata Sons Limited. The Company is registered with the Reserve Bank of India as a Systemically Important Non Deposit Accepting Non Banking Financial Company (NBFC) and offers fund and fee-based financial services to its customers. Tata Capital Limited caters to the diverse needs of retail, corporate and institutional customers, directly or indirectly, through its subsidiaries across various areas of business namely the Commercial Finance, Investment Banking, Private Equity, Infrastructure Finance, Securities, Wealth Management, Consumer Loans, Cards and Travel Related Services.

About Tata Capital Growth Fund

Tata Capital Growth Fund I, is sponsored by Tata Capital Limited, is established as an irrevocable trust under the Indian Trusts Act, 1882, and is registered with the Securities and Exchange Board of India ("SEBI") as a venture capital fund under the SEBI (Venture Capital Funds) Regulations, 1996, as amended from time to time.

About Alpha TC Holdings Pte. Ltd.

Alpha TC Holdings Pte. Ltd. is a private limited company incorporated under the laws of Singapore and wholly-owned subsidiary of the partnership sponsored by Mizuho Securities and other international investors.

SOURCE Tata Technologies