BENGALURU, Dec 12 (Reuters) – Indian automaker Tata Motors Ltd (TAMO.NS) mentioned on Monday it was exploring the sale of a portion of its stake in Tata Technologies via an preliminary public providing (IPO).

The proposed IPO might be amongst Tata Group’s first in years, with direct broadcast satellite tv for pc service supplier Tata Play also set to file provide paperwork with the market regulator quickly.

Tata Technologies, a product engineering and digital companies firm, was based in 1989 as a unit of Tata Motors. The automaker held a 74.43% stake within the firm as of March 31, the newest annual report confirmed.

Tata Motors in 2018 known as off a deal to promote an about 43% stake in Tata Technologies to personal fairness agency Warburg Pincus for $360 million, citing delays in securing regulatory approvals and efficiency not assembly thresholds.

The 2022 fiscal annual report confirmed elevated gross sales at Tata Technologies drove a 46% leap in Tata Motors’ income from different operations.

The Tata conglomerate had 29 publicly listed firms with a mixed market capitalisation of $314 billion as of finish 2021.

Reporting by Nishit Navin and Chris Thomas in Bengaluru; Editing by Anil D’Silva and Shinjini Ganguli

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