Tata Technologies

By Aditi Shah and Maki Shiraki

MUMBAI/TOKYO, Oct 5 (Reuters) - Honda Motor 7267.T aims to cut costs by as much as a fifth and halve development times under its new partnership in India with Tata Technologies TATE.NS, according to two people familiar with the matter, as pressure from rivals forces the Japanese automaker to rethink its go-it-alone approach.

Reeling from electric vehicle (EV)-related losses that it expects to reach more than $12 billion, Honda is pivoting to gasoline-electric hybrids and slashing expenses. Last month, Reuters reported that it is seeking to cut more than $9 billion in costs over the next four years and has told suppliers to drastically reduce prices.

In May, engineering firm Tata Technologies said it was selected to develop vehicles for a Japanese automaker. It declined to name the partner, but the two people and another person familiar with the matter said it was Honda.

Under the outsourcing agreement, Tata Technologies will develop cars for the Indian market, while Honda expects to see up to 20% in cost reductions and halve its development times from around five years at present, two people said.

Honda decided to bring in Tata Technologies after the automaker's Japanese and Indian managers failed to agree on which suppliers to use for upcoming vehicles in India, two of the people said.

All three sources declined to be identified because the information has not been made public. The cost-cutting and development targets in India, as well as the internal deadlock over supplier strategy, are being reported for the first time.

In a statement, Honda said it has not been able to offer a sufficient product line-up in India that allows customers "value for money." To that end, it was "redefining" its offerings in India and planned to introduce vehicles that strike a balance between quality and price, it said.

It denied there were disagreements between the Japanese and Indian teams over supplier selection.

In a separate statement, Honda India said product development involved close collaboration between different teams, adding that it was inaccurate to characterise collaborative discussions as disagreements.

Tata Technologies did not respond to a request for comment.

STRATEGY DEADLOCK

Japanese managers wanted to retain established suppliers to ensure quality and consistency, while Honda's team in India pushed for greater use of local suppliers to lower costs and speed up development in the world's third-largest car market, two of the people said.

Reuters could not determine how long the deadlock lasted but the disagreement was enough to delay work on some products, the two people said. The partnership had been under discussion for about two years before being finalised, one of them added.

Tata Technologies, which was spun off from Indian automaker Tata Motors TAMO.NS, was chosen because of its access to a broad network of local suppliers and because Honda managers believed it could design vehicles in line with consumer tastes and spending preferences, the person said.

Honda will oversee the process to ensure quality standards are met and will retain control over areas like technology, connectivity and driver-assistance systems, the person added.

FAMOUS INDEPENDENCE

Honda has long carried the imprint of its famously independent late founder, Soichiro Honda. It developed two of the world's best-selling cars, the Civic and the Accord, along with the most popular motorcycle of all time, the Super Cub.

Like other Japanese automakers, Honda faces the difficult balancing act of defending its legacy business in places like the US while developing new technologies to compete with Chinese firms elsewhere. India, a fast-growing market that remains closed to Chinese EV makers, has become more important.

But Honda's market share there has slumped to 1.3% from a peak of 7.3% more than a decade ago. Its portfolio has shrunk to four models and it is losing to affordable, feature-packed rivals like Tata Motors and Mahindra MAHM.NS. It also has little to offer in the biggest and fastest-growing SUV segment.

"Honda is already late and behind competitors," one of the people said.

Honda President Toshihiro Mibe is under pressure to turn around the automaker, which recorded its first-ever annual loss in the last financial year.

In May, Mibe said that while India was a "key focus" for Honda, the automaker had not always been successful there.

"We need to rebuild the business on an entirely different footing," he said.

Previously, Honda adapted for India cars that were originally designed for Japan or other global markets. That resulted in it offering vehicles that were seen as over-engineered and pricey.

The first vehicle under development with Tata Technologies is a small SUV that is less than 4 metres (13.1 feet) in length, a segment that accounts for a large portion of India's car market and where Honda has limited presence. It is targeted for launch in 2028, two of the people said.

A second, mid-size SUV is expected to follow, with Honda later trying to revive its strength in sedans, one of them added.

In its statement, Honda said it planned to launch vehicles in India in the sub-4-metre category and the larger midsize category from 2028 onwards.

India is Honda's only major emerging market and it wants to make manufacturing and sourcing there more competitive.

If the first product under the deal is successful in terms of quality, sales and profitability, it will open opportunities for Honda to export from India, one of the people said.

(Reporting by Aditi Shah and Maki Shiraki; Additional reporting by Daniel Leussink; Editing by David Dolan and Thomas Derpinghaus)

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Aug 7 (Reuters) - HONDA MOTOR CO., LTD. 7267.T:

• HONDA HAS OUTSOURCED PART OF ITS VEHICLE PLATFORM DEVELOPMENT TO TATA TECHNOLOGIES, NIKKEI SAYS

Source text: [ID:]

Further company coverage: 7267.T

** Engineering services firm Tata Technologies shares TATE.NS rise as much as 6.75% to 804.9 rupees, highest in 18 months

** Bloomberg reports Japan's Honda Motor Co has outsourced its new vehicle program to TATE to cut costs

** TATE and Honda did not immediately respond to email seeking confirmation of the report

** Trading volume on TATE was about 7.79 million shares as of 3 p.m. IST, nearly seven times the 30-day average, according to data compiled by LSEG

** TATE shares are up about 25% in 2026 so far

(Reporting by Bharath Rajeswaran in Bengaluru)

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BENGALURU, July 17 (Reuters) - Indian engineering research and development firm Tata Technologies TATE.NS reported a 6.1% rise in first-quarter profit on Friday, on a boost from its services segment.

• Tata Technologies, which provides engineering, product design and manufacturing digitalisation services to automotive, aerospace and industrial machinery clients, counts JLR and Tata Motors TATM.NS among its largest clients

• The Tata group company's profit rose to 1.81 billion ​rupees ($18.8 million) for the quarter ⁠ended June 30, from 1.70 billion ​rupees a year earlier

• Revenue jumped 34% to 16.65 billion rupees

• The company retained its double-digit organic revenue growth for fiscal year 2027 on the back of investments in AI, operational efficiency, and continued portfolio diversification, CEO Warren Harris said in a statement

• Engineering research and development firms, which largely depend on orders from the U.S. and Europe, have been under pressure due to slowing adoption of EVs and clients cutting back on spending amid geopolitical tensions

($1 = 96.37 Indian rupees)

(Reporting by Sai Ishwarbharath B in Bengaluru; Editing by Mrigank Dhaniwala)

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** Shares of Tata Technologies TATE.NS rise 2.8% to 689.05 rupees

** TATE and Tenneco LLC partner for mobility transformation

** Tenneco expected to make an investment of over $100 mln in this engagement over the next five years, TATE says

** Stock set to snap five session losing streak

** YTD, TATE up ~8%

(Reporting by Vijay Malkar)

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July 1 (Reuters) - Tata Technologies Ltd TATE.NS:

• TATA TECHNOLOGIES - TENNECO AND TATA TECHNOLOGIES ANNOUNCE $100 MILLION STRATEGIC ENGAGEMENT

• TATA TECHNOLOGIES - TENNECO TO INVEST OVER $100 MILLION IN PARTNERSHIP OVER NEXT FIVE YEARS

Source text: ID:nBSEbjLVXQ

Further company coverage: TATE.NS

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June 1 (Reuters) - Tata Technologies Ltd TATE.NS:

• TATA TECHNOLOGIES - SECURES SAP PARTNEREDGE SELL AUTHORIZATION IN INDIA AND UNITED STATES

Source text: ID:nBSE1rg0wQ

Further company coverage: TATE.NS

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** Shares of Tata Technologies up 8.5% to 641.5 rupees; highest since February 6

** Engineering research and development firm posts 8.1% rise in Q4 profit to 2.04 billion rupees ($21.39 million)

** Co's revenue rises 22.29% to 15.72 billion rupees

** Profit was helped by a one-time gain of 561.3 million rupees from partial reversal of charges related to India's labour codes

** Co expects double-digit organic growth in fiscal year 2027, chief executive officer Warren Harris said

** BofA ("Neutral"; PO: 595 rupees) notes growth was well-distributed across anchor customers and other segments, with aerospace and industrial heavy machinery showing strong momentum

** Stock rated as "Sell" on average by 13 analysts; median PT at 550 rupees per data compiled by LSEG

** YTD, stock down 2.9%

($1 = 95.3675 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru)

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May 4 (Reuters) - Tata Technologies Ltd TATE.NS:

• TATA TECHNOLOGIES LTD - RECOMMENDS FINAL DIVIDEND OF 8.35 RUPEES AND SPECIAL DIVIDEND OF 3.35 RUPEES

• TATA TECHNOLOGIES Q4 CONSOL NET PROFIT 2.04 BILLION RUPEES

• TATA TECHNOLOGIES Q4 CONSOL REVENUE FROM OPERATIONS 15.72 BILLION RUPEES

Source text: ID:nNSEbHZT7Z

Further company coverage: TATE.NS

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March 2 (Reuters) - Tata Technologies Ltd TATE.NS:

• CO AND WITTENSTEIN ANNOUNCE STRATEGIC PARTNERSHIP

• PARTNERSHIP TO ADVANCE SOFTWARE-DEFINED VEHICLE DEVELOPMENT

Source text: ID:nBSEb83VjY

Further company coverage: TATE.NS

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Jan 16 (Reuters) - Engineering research and development (ER&D) firm Tata Technologies TATE.NS reported a 96% drop in third-quarter profit on Thursday, hurt primarily by a one-time charge tied to India's new labour codes, their largest such drop since the company's 2023 market debut.

Going forward, the firm is still "poised for a sharp acceleration in Q4," CEO Warren Harris said in a statement, expecting more than 10% sequential revenue growth.

The Tata group company, which counts Jaguar Land Rover and Tata Motors TAMO.NS among its largest clients, said consolidated net profit fell to 66.4 million rupees ($731,036) in the October-December period from 1.69 billion rupees a year earlier.

Tata Technologies booked a one‑time exceptional charge of 1.4 billion rupees in the quarter after India notified new labour codes, which raised its gratuity and leave‑related liabilities.

The codes, which came into effect in November, require employee wages to be at least 50% of cost to company, and benefits like provident fund and gratuity to be determined based on wages.

Previously, companies like TCS TCS.NS and HCLTech HCLT.NS have reported similar one-time charges to factor in the new labour codes, while peer ER&D firm Tata Elxsi TTEX.NS's profit was hit by it.

Tata Technologies had said in October it expected short-term tactical challenges and margin pressure in the third quarter, due to "near-term temporary headwinds" and salary hikes.

"Margin headwinds from Q3 are behind us, and we expect to return to—and exceed—the Q2 adjusted margin run-rate," CFO Uttam Gujrati said.

Revenue from its services segment, making up 77% of overall revenue, rose 4.7%, while technology solutions revenue remained flat.

The company's overall revenue rose 3.7% to 13.66 billion rupees.

($1 = 90.8300 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Ronojoy Mazumdar)

((aleefjahan.cs@thomsonreuters.com))

Corrects bullet 6 to say J.P. Morgan's price target for KPIT Technologies is 1,400 rupees, not 4,800 rupees

** Shares of Indian software engineering firms Tata Technologies TATE.NS and Tata Elxsi TTEX.NS jump 4% and 8%, respectively

** J.P.Morgan upgrades both stocks to "Neutral" from "underweight" as automaker clients resume R&D programs after trade deals ease tariff uncertainties

** Work on projects won in 2025 to ramp up this year, brokerage says, with Europe, APAC clients leading demand recovery

** Auto investments focused on hybrids, brokerage notes, with EVs set to recover in the medium term

** As demand recovers, brokerage lifts PT on TATE to 710 rupees from 570 rupees; TTEX's PT raised to 4,800 rupees from 4,000 rupees

** However, KPIT Technologies KPIE.NS ("Overweight," PT: 1,400 rupees) remains JPM's top pick in sector; currently up 4.3%

** TTEX, TATE had underperformed Nifty IT .NIFTYIT index in 2025 on demand worries

** In 2025, TATE dropped 28%, TTEX was down 23% and KPIE fell 20% vs IT index's 13% fall

(Reporting by Nandan Mandayam in Bengaluru)

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Add details from paragraph 3

By Vivek Kumar M and Yagnoseni Das

Oct 13 (Reuters) - Tata Capital TATC.NS, India's third-largest non-bank lender by revenue, was muted in its debut trade on Monday, valuing the firm at 1.4 trillion rupees ($15.78 billion), with investors seemingly not that keen on the first listing by the storied Tata Group in nearly two years.

Tata Capital's subdued debut has come in a busy IPO market, where analysts say investors appear to be favouring LG Electronics India's LGEL.NS $1.3-billion share sale as they expect stronger listing gains and near-term growth, helped by recent tax cuts.

As of 10:57 am, Tata Capital shares traded at 329.8 rupees, slightly higher than their offer price of 326 rupees. Its market capitalization at the current price trails Bajaj Finance BJFN.NS and Jio Financial Services >, which are valued at $72 billion and $22 billion, respectively.

Tata Capital's IPO was fairly priced but the lack of a major valuation discount to its listed peers was one of the key factors for the tepid response, said Ambareesh Baliga, an independent market analyst.

"This is probably the first time we have seen such muted demand for an IPO from Tata Group," Baliga said.

Strong interest in LG Electronics India's IPO and negative news surrounding the Tata Group, including boardroom turmoil, also weighed on demand for Tata Capital's share sale, said Dhiraj Relli, CEO at HDFC Securities.

Last week, while Tata Capital got bids worth $2.9 billion for its IPO, LG Electronics India's public issue, which opened a day later, received nearly $50 billion worth of bids.

LG will start trading on October 14, while WeWork India, which made its debut last week, fell as much as 5.2% as investors stayed wary of its steep valuation and governance risks.

The last IPO from the salt-to-software Tata Group was by engineering and technology services provider Tata Technologies TATE.NS in November 2023, which listed at a premium of 140% to its issue price.

($1 = 88.7420 Indian rupees)

(Reporting by Yagnoseni Das and Vivek Kumar M in Bengaluru; Editing by Sonia Cheema)

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Oct 9 (Reuters) - Indian engineering research and development (ER&D) firm Tata Elxsi TTEL.NS reported a fourth straight quarter of widening profit fall on Thursday, as its key transportation business declined amid uncertain markets and geopolitical tensions.

The company, which relies heavily on the auto industry, said net profit fell 32.5% to 1.55 billion rupees ($17.46 million) in the July-September period year-on-year. In the previous three quarters, it had reported a profit fall of between 3.6% and 21.6%.

ER&D firms, which depend on work outsourced by U.S. and European clients, have been under pressure as global automotive clients cut back on investments and R&D spending, reeling from the impact of U.S. tariffs, according to analysts.

Tata Elxsi, which counts Jaguar Land Rover (JLR) among its largest clients, said in July that industry- and customer-specific issues had affected R&D spending and decision-making cycles across geographies.

It added that the global automotive industry remains in flux amid uncertainties surrounding the Chinese market and tariffs, casting a cloud over clients’ R&D plans, while major auto parts makers continue to face challenges.

JLR's temporary production shutdown following a September cyber attack in Britain is also expected to weigh on Tata Elxsi’s quarterly revenue, analysts had said ahead of the results.

Revenue from the transportation segment - Tata Elxsi's biggest - fell 9.9% year-on-year in the second quarter. The segment provides software and engineering services to auto and auto parts makers, including design of parts and technologies.

Its core profit margin came in at 21.1% in the quarter, down from 27.9% a year ago, but bigger than the 20.9% of last quarter.

Overall revenue fell by 3.9% to 9.18 billion rupees.

Shares of the company closed 2.1% higher ahead of results.

($1 = 88.7830 Indian rupees)

(Reporting by Aleef Jahan, Komal Salecha; Editing by Harikrishnan Nair)

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** Tata Technologies TATE.NS gains 2.9% to 737.5 rupees, a more than 4-week high

** Engineering, research and development firm posts smaller-than-expected Q1 revenue drop on deal wins

** Optimistic about sequential recovery in Q2, stronger H2 FY26

** However, ICICI Securities expects FY26 growth to likely be weak; maintains "sell" at PT of 510 rupees

** Models a 1.5% y/y USD dip in FY26 vs co's double-digit revenue growth aspiration

** Stock rated "sell" on avg; median PT is 640 rupees, per data compiled by LSEG

** YTD, TATE down ~17%

(Reporting by Aleef Jahan in Bengaluru)

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** India's Tata Technologies TATE.NS down 4.7% following large block deal

** Around 16 million shares, representing 3.95% stake in co, change hands, as per LSEG

** TPG Rise Climate, which holds 6.01% stake in TATE, likely seller, as per media report

** Shares sold at 676 rupees, a discount of 4.2% to Monday's closing price

** YTD, TATE down 25.6%

(Reporting by Vivek Kumar M)

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BENGALURU, April 25 Reuters - Diary of India economic, corporate events on April 25

ECONOMIC, CORPORATE .BSE500 EVENTS:

(Compiled by Bengaluru Newsroom)

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Jan 31 (Reuters) - Tata Technologies Ltd TATE.NS:

• TATA TECHNOLOGIES LTD - REPORTS RANSOMWARE INCIDENT AFFECTING IT ASSETS

• TATA TECHNOLOGIES LTD - IT SERVICES WERE TEMPORARILY SUSPENDED AND NOW RESTORED

• TATA TECHNOLOGIES LTD - CLIENT DELIVERY SERVICES REMAIN FULLY FUNCTIONAL AND UNAFFECTED

Source text: ID:nNSE4HfLzn

Further company coverage: TATE.NS

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Jan 21 (Reuters) - Tata Technologies Ltd TATE.NS:

• TATA TECHNOLOGIES Q3 CONSOL NET PAT 1.69 BILLION RUPEES; IBES PROFIT EST. 1.61 BILLION RUPEES

• TATA TECHNOLOGIES Q3 CONSOL REVENUE FROM OPERATIONS 13.17 BILLION RUPEES; IBES EST. 13.11 BILLION RUPEES

Source text: ID:nBSE3jFYPk

Further company coverage: TATE.NS

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Jan 7 (Reuters) - Tata Technologies Ltd TATE.NS:

• CO AND TELECHIPS SIGN MOU

• COLLABORATION TO FOCUS ON ADAS, AUTOMOTIVE COCKPIT, GATEWAY CONTROLLERS

Source text: ID:nBSE9sslbb

Further company coverage: TATE.NS

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Nov 20 (Reuters) - Tata Technologies Ltd TATE.NS:

• TATA TECHNOLOGIES LTD - SIGNS MOA FOR ITI UPGRADE PROJECT IN TRIPURA

• TATA TECHNOLOGIES LTD - TOTAL CONTRACT VALUE 956.5 MILLION RUPEES EXCLUDING GST

Further company coverage: TATE.NS

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Oct 28 (Reuters) - India's Tata Technologies TATE.NS reported a drop in profit for the third consecutive quarter, hurt by slowing global demand for electric vehicles.

Tata Technologies provides engineering and technology services to automobile, aero and heavy machinery makers. Indian EV market leader Tata Motors TAMO.NS is its parent and also its top client.

Its consolidated profit after tax dropped 2% to 1.57 billion rupees in the July-September quarter. However, this was also its slowest decline in the three quarters when profits have fallen.

Use of electric vehicles has grown rapidly in recent years to account for 2% of India's annual sales of 4.2 million cars, but sales growth is now faltering, which analysts blame on high prices and a lack of charging facilities.

Globally too, some car makers are cutting back on their previous EV targets as consumers opt for hybrid vehicles that are cheaper than their electric counterparts.

Tata Technologies' revenue rose 2% to 1.30 billion rupees in the second quarter, while expenses grew about 1%.

"We are confident that the second half of the fiscal year will show stronger performance compared to the first half," CEO Warren Harris said.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'Souza)

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Adds former Tata executive comment paragraph 7-8

By Aditya Kalra and Aditi Shah

NEW DELHI, Oct 11 (Reuters) - The half-brother of Ratan Tata was appointed on Friday as the head of the powerful and influential philanthropic arm of India's Tata group, giving him indirect control of the $165 billion conglomerate.

Tata Trusts said Noel Tata, 67, will be its new chairman after the death this week of Ratan Tata, one of India's best-known corporate titans. The decision followed "many old-timers" in the group wanting him to lead the venture, said one Tata executive.

The parent company, Tata Sons, oversees 30 firms across consumer goods, hotels, automobiles and airlines and has become a global juggernaut over the years, with brands such as Jaguar Land Rover and Tetley Tea in its stable.

It owns Tata Consultancy Services, Taj Hotels and Air India and counts Starbucks SBUX.O and Airbus as partners in India.

Tata Trusts has a 66% ownership of Tata Sons, giving it power over big investment, philanthropic and strategic decisions by the conglomerate, company executives say.

Noel Tata, who is half-French, was already among the many trustees of the philanthropic arm, and also vice chairman of Tata Steel TISC.NS and chairman of Tata's popular retail fashion brand Trent.

"Noel is well versed with how Tata businesses are run. In retail, many people thought how will Tata compete with the big retailers. Noel has shown it," said Sanjay Singh, a former Tata Sons executive who retired in 2019.

"He has kept a low profile so the outer world doesn’t know him well, but he is quintessential Tata."

The trust earns dividends from Tata Sons but has no direct say over its operations. However, it appoints a third of the directors to Tata Sons who have veto power over board decisions.

The chairman of Tata Trusts "is powerful enough to decide board and key personnel" appointments at Tata Sons, a second senior company executive said.

While Tata Sons is not compelled to seek advice or guidance from the philanthropic arm, it's an "unsaid understanding" that there is consultation between leadership on both sides, the first executive added.

NOEL'S JOURNEY

The Tata group was set up in 1868 by Ratan's great grandfather, Jamsetji Tata.

A few years later, Jamsetji started charity work that has since expanded to sectors such as healthcare and sports, through many of the trusts in the philanthropic arm.

Ratan Tata started working at the family firm in 1962 and became the chairman of Tata Sons in 1991, taking the group to new heights while gaining a reputation as an extremely shy, soft-spoken executive with sharp business acumen.

Noel Tata is a graduate of Sussex University who has been associated with the group for more than 40 years. He serves on the board of various Tata companies.

As a previous managing director of Tata International, Noel grew the turnover of the trading arm to more than $3 billion from $500 million, a Tata Group website said.

The Tatas belong to the tiny Parsi community, which has included some of India's biggest business names, top nuclear scientists, world-class musicians and senior military officers.

Parsis follow the Zoroastrian faith, an ancient pre-Islamic religion of Iran. Some of its tenets, such as charity and doing good to others, have long been woven into the Tata heritage and business ethos.

Much of the dividend paid out by Tata Sons gets funneled into charitable trusts involved in philanthropic work.

Although the trusts' influence over the group is not often on display, the starkest such example was in 2016, when Ratan Tata had a falling out with Tata Sons chairman Cyrus Mistry that led to the latter's ouster.

Mistry, another Parsi billionaire whose family owns a stake of about 18% in Tata Sons, died in a car accident in 2022.

One of his former advisers told Reuters this week that the Tata Trusts "without a doubt" exert unparalleled power over Tata Sons' functions, adding that they "work behind a veil."

Noel is an Irish citizen married to Mistry's sister.

(Reporting by Aditya Kalra and Aditi Shah
Additional reporting by Krishn Kaushik and Tanvi Mehta
Editing by Raju Gopalakrishnan and Frances Kerry)

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Updates, adds Bill Gates quote in paragraph 8, funeral details in 9-12

By Tanvi Mehta

NEW DELHI, Oct 10 (Reuters) - India bade farewell on Thursday to one of its most respected corporate leaders - Ratan Tata, who expanded companies under his brand name into a global behemoth spanning multiple industries.

Ahead of a state funeral, hundreds of people including corporate leaders, politicians and celebrities gathered in India's financial hub Mumbai to pay their last respects to Tata, who died aged 86 on Wednesday.

Known for his exemplary business acumen and philanthropic nature, Tata as chairman led various companies within the Tata conglomerate for more than 20 years. It recorded revenue of $165 billion in 2023-24.

Although in recent years Tata was not as active in the day-to-day running of the group, he was consulted on big decisions by the Tata Sons leadership, a senior company executive told Reuters.

Tata had been in a Mumbai hospital since Monday, but the cause of his death was not immediately made public.

After his death, tributes poured in from around the world, underlining a popularity that transcended boundaries and generations.

"India and the world have lost a giant with a giant heart," U.S. Ambassador Eric Garcetti said on X regarding Tata, who was awarded the Padma Vibhushan, India's second highest civilian honour.

Billionaire philanthropist Bill Gates said on LinkedIn:

"Ratan Tata was a visionary leader whose dedication to improving lives left an indelible mark on India—and the world... His loss will be felt around the world for years to come, but I know the legacy he left and example he set will continue to inspire generations."

Draped in the Indian national flag, Ratan Tata's body was kept at a cultural centre in Mumbai before being cremated with full state honours.

Reliance Industries Chairman Mukesh Ambani, Tata Sons' N. Chandrasekaran and Aditya Birla Group's Kumar Mangalam Birla were among business leaders who paid their last respects.

Other attendees included India's Home Minister Amit Shah, central bank governor Shaktikanta Das, cricketer Sachin Tendulkar and actor Aamir Khan.

A licensed pilot who would occasionally fly the company plane, Tata never married and was known for his quiet demeanour, relatively modest lifestyle and philanthropic work.

His love for animals led him to start the Small Animal Hospital in Mumbai and he often used social media to voice his concern for stray animals. His pet dog was brought to the funeral.

"We will remember his legacy of transformative giving to Cornell," his alma mater Cornell University said on X, calling Tata their most generous international donor.

(Reporting by Tanvi Mehta; editing by Michael Perry and Mark Heinrich)

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Oct 9 (Reuters) - Ratan Tata, the former Tata Group chairman who put a staid and sprawling Indian conglomerate on the global stage with a string of high-profile acquisitions, has died, Tata Group said in a statement late on Wednesday. He was 86.

(Reporting by Abhirup Roy and Gursimran Kaur; Editing by Edwina Gibbs and Chris Reese)

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Oct 8 (Reuters) - Tata Technologies Ltd TATE.NS:

• BMW HOLDING B.V. COMPLETED INVESTMENT IN SHARE CAPITAL OF BTIPL

Source text for Eikon: [ID:]

Further company coverage: TATE.NS

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Sept 20(Reuters Breakingviews) - Prime Minister Narendra Modi has spent much of the past decade lowering barriers to foreign investment in India. Yet a growing list of firms including BlackRock BLK.N, BMW BMWG.DE and Shein are expanding in the country in partnership with local tycoons. It tightens the grip powerful families have on the world’s fifth-largest economy, and sets them up as future global rivals to those knocking on their door.

On paper, the once-markedly socialist country is open for business. Its craving for capital is strong. Overseas companies in most sectors are free to enter the market on their own, unlike in China, where large swathes of the economy were kept off limits and where some sectors, like autos, were opened up on the condition that foreign companies found local partners.

The problem is, India’s federal political system and sheer cultural and geographical diversity means it remains a tricky place for international companies. Powerful families offer a shortcut to establishing a nationwide footprint, avoiding cut-throat domestic competition, or achieving both of those things.

BlackRock’s decision to re-enter India exemplifies the dilemma. The company run by Larry Fink, which manages over $10 trillion, is in the process of teaming up with Mukesh Ambani’s Jio Financial Services JIOF.NS in asset and wealth management. The U.S. company exited an Indian joint venture with DSP in 2018 because it didn’t have a path to control.

Fink is unlikely to have a path to control with Jio but the rapid financialisation of savings in recent years means the market is too attractive for BlackRock to ignore. Partnering with a tycoon is less risky for the U.S. company than trying to beat India’s richest man who wants to push into financial services and is known for obliterating competition.

The desire of foreign companies to defend their market position in India partly explains their rush to subscribe to fundraisings by Reliance’s RS.N business units in 2020. These include Facebook-owner Meta Platforms' META.O $5.7 billion purchase of a 10% stake in Reliance’s digital and telecoms business. India remains open for U.S. Big Tech but Indian companies are also flexing their muscles more in digital businesses from telecoms to e-commerce as more Indians get smartphones.

Elsewhere, New Delhi is encouraging partnerships through subsidies in its flagship production-linked incentive scheme to spur manufacturing. This allows the government to dictate which foreign companies team up with which Indian families to be the next leaders in future industries.

Taiwan’s Hon Hai Precision Industry 2317.TW, more widely known as Foxconn, pulled out of a joint venture last year to make chips with Anil Agarwal’s Vedanta VDAN.NS after widespread concerns about the Indian company’s debt and its ability to fund investments. Meanwhile, global companies like French oil giant TotalEnergies TTEF.PA are burnishing their green credentials by partnering with Indian tycoon Gautam Adani, who has big ambitions in renewable energy. Smoother access to subsidies is one reason companies including Japan’s Fujifilm 4901.T are scouting for local partners before they start production in India.

It’s significant that many of the new partnerships are in the realm of technology. Adani’s group will work with Israel’s Tower Semiconductor TSEM.TA to build a chip fabrication plant; German carmaker BMW and Tata Technologies TATE.NS plan to leverage Indian talent in IT to develop intellectual property that will drive cars of the future.

While India’s approach to inward investment differs from China’s in many ways, the country desires the same thing as its neighbour wanted from foreign multinationals: know-how.

The government yearns for the South Asian nation to become a manufacturing powerhouse. India’s leading business families also want to dominate in their home market and to break out as leaders on the global stage. After picking up a stake in UK telecom operator BT BT.L last month, Bharti Enterprises Chair Sunil Bharti Mittal told journalists India's government is continuously encouraging a handful of companies which have gone global to accelerate the process.

That sets up the potential for at least some of the new Indian alliances to sour, just as several Chinese joint ventures did. True, some foreign companies that ventured into the People’s Republic simply failed to keep up with fast-changing local consumer preferences. Others, though, said they were pressured into handing over technology to their private or state-backed joint venture partners, to local officials or to Chinese regulators as a condition for doing in business in the world’s second-largest economy.

That complaint took centre stage in a trade war launched in 2018 by then U.S. President Donald Trump. When Stellantis STLAM.MI ended its joint venture with Guangzhou Automobile Group 601238.SS in 2022, the European carmaker’s CEO Carlos Tavares blamed rising “political influence” in doing business with partners in China.

It is therefore perhaps unsurprising that Chinese companies have the least freedom to operate on their own in India. The government turned up the heat on companies from the People’s Republic after a deadly skirmish between the two countries’ militaries along the Himalayan border in 2020. This tension has resulted in some particularly eye-catching joint ventures struck by Chinese companies that want to continue to expand in the fast-growing Indian market.

Four years after New Delhi banned Shein’s app, the fast-fashion company which was founded in China is back in partnership with Ambani’s $240 billion Reliance Industries. Together they plan to digitise the supply chains of the conglomerate’s retailer, manufacture goods and export them to the world. Similarly, less than two years since India launched an investigation into a local unit of Chinese automotive giant SAIC Motor 600104.SS, the company finalised a joint venture in March to sell its MG-branded cars in partnership with Sajjan Jindal’s JSW Group.

New arrivals at least have some examples of successful foreign joint ventures in India to aspire to. Take $46 billion Maruti Suzuki MRTI.NS, purveyor of 40% of the country’s cars. This partnership with Japan’s Suzuki Motor 7269.T has delivered yearly returns to shareholders over the past decade, including dividends, which exceed those of the benchmark Nifty 50 Index. Meanwhile, Adani Wilmar ADAW.NS, the Adani group’s partnership with Singapore’s Wilmar WLIL.SI, established a quarter of a century ago, is behind India’s largest selling edible oil brand.

Outside of joint ventures, some foreign companies have had more luck than others on their own in India. South Korea’s Samsung 005930.KS has had remarkable success selling smartphones and held a leading position in the consumer electronics market for a long time, but British telecom operator Vodafone VOD.L struggled with a price war and merged with India’s Idea Cellular in 2018. Whether or not India is open for business, foreign business alliances are accumulating even more power in the hands of the country’s leading tycoons.

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(Editing by Una Galani and Ujjaini Dutta)

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** Shares of Tata Technologies TATE.NS up 2.7%; among top gainers in Nifty mid-cap index .NIFMDCP100

** About 2.5 mln shares changed hands in multiple block deals as per LSEG

** Overall 13.3 mln shares change hands, sees most active session so far this year

** Stock down 12.7% YTD, eighth top loser in mid-cap 100 index, which is up 27.4%

(Reporting by Sethuraman NR in Bengaluru)

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July 18 (Reuters) - Tata Technologies Ltd TATE.NS:

• Q1 CONSOL NET PAT 1.62 BILLION RUPEES

• Q1 CONSOL REVENUE FROM OPERATIONS 12.69 BILLION RUPEES

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