New Delhi. World famous German automobile company BMW and global product engineering and digital services company Tata Technologies will start a joint venture to set up an automotive software and IT development center in India. In a joint statement, both the companies said, we have signed an agreement to form a joint venture for the purpose of setting up automotive software and IT development centers in Pune, Bengaluru and Chennai.
Development and operational activities will be completed in Bengaluru and Pune. In Chennai, the focus will be on business IT solutions. Warren Harris, Chief Executive Officer (CEO) and Managing Director (MD), Tata Technologies, said, “Our collaboration with the BMW Group reflects our commitment to provide top-tier solutions in automotive software and digital engineering to customers around the world. “
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Tata Tech shares ran up after the news
Both the companies will have 50% stake in this joint venture. Christoph Groot, Senior Vice President of Software and E/E Architecture at BMW Group, said that the collaboration with Tata Technologies will accelerate BMW's progress in the field of software-based vehicles. Meanwhile, Nachiket Paranjape, Automotive Sales President, Tata Technologies, said, “We will use our knowledge and expertise in vehicle engineering in collaboration with the BMW Group.”
After this news, the shares of Tata Technologies saw a rise of more than 6% today. However, after profit booking from higher levels, the shares were trading at the level of Rs 1091 till 3 pm.
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Tags: Auto, BMW, Business news in hindi, Tata
FIRST PUBLISHED : April 2, 2024, 3:45 PM IST
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