| The Canada Pension Plan Investment Board (CPPIB), one of the world's biggest pension funds, and Singapore's sovereign wealth fund GIC are serious candidates to buy a significant minority stake in Tata Technologies, the automotive and aerospace engineering design services unit of the Tata Group.
US private equity giant Carlyle is also among the contenders for the stake purchase in the 21-year-old company with an asking valuation of more than $1 billion as the stake sale process run by Citigroup gathers momentum, people directly familiar with the matter said. Tata Technologies, which clocked consolidated income of Rs 2,644 crore and profit of Rs 334 crore last fiscal, is 70 per cent owned by Tata Motors, the maker of Jaguar saloons and sporty Range Rovers, about 9 per cent by Alpha TC Holding, a fund majorly sponsored by Japanese investment bank Mizuho Securities, and 4 per cent by private equity firm Tata Capital Growth Fund...............................................Full Article: Source
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