Tata Technologies has informed about the termination of its Memorandum of Agreement (MoA) with the Chhattisgarh Government. The announcement came through a company statement issued on Monday.
What Happened: The tech firm, based in Pune, revealed that it had received a letter from the Chhattisgarh Government, signifying the end of a project and the termination of the MoA. The project saw Tata Technologies in the role of the primary industry partner for enhancing 36 ITIs as Center of Excellence (CoE) in Chhattisgarh.
The government is reportedly considering other alternatives to achieve the project goals. In response, Tata Technologies sent a letter to the Chhattisgarh Government on Saturday, acknowledging the termination of the MoA and agreeing to initiate the refund process for the Escrow Amount.
Earlier in the month, Tata Technologies announced the establishment of a new wholly-owned subsidiary, BMW TechWorks India Private Limited (BIPTL), in August 2024. The new subsidiary was set up to support the BMW Group in developing premium products, enhancing digital experiences for customers, and advancing its digital transformation.
Last month, the company reported a 15.4% decline in its net profit to ₹162.03 crore, and its operational revenue rose slightly to ₹1,268.97 crore from ₹1,257.53 crore from the previous year.
Read Next: CDSL 1:1 Bonus Share Issue: Record Date Announced
Engineered by Benzinga Neuro, Edited by Utkarsh Roshan
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.