Shares of Tata Technologies Limited were muted after it revealed the establishment of a new wholly owned subsidiary, BMW TechWorks India Private Limited (BIPTL).
What Happened: Tata Technologies Limited has confirmed the creation of a new subsidiary, BMW TechWorks India Private Limited. The Ministry of Corporate Affairs, Government of India has granted the Certificate of Incorporation, the company said in a press release on Wednesday.
The new subsidiary, BTIPL, will support the BMW Group in developing premium products, enhancing digital experiences for customers, and advancing its digital transformation. The focus will be on providing automotive software, including software-defined vehicle (SDV) solutions for luxury vehicles as well as digital transformation solutions for business IT.
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Tata Technologies, as the promoter of BTIPL, will possess 100% share capital in the new entity. The authorised share capital of BTIPL is ₹10 lakh.
The company also clarified that the acquisition does not necessitate any governmental or regulatory approvals.
Price Action: TTL was trading 0.15% lower at ₹997.90 on Thursday morning.
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