The Hindu Business Line : Tata group plans to list INCAT here

Founded in 1989, INCAT operates in 12 countries including the US, UK and India and employs 3,000 people. In 2006-07, the company had a turnover of $220 million.

Listing of INCAT would probably be the first in India of an overseas company acquired by Tatas. This would also be the first IPO from the group in the recent past after the listing of TCS in 2004.

Mr David Myers, Chief Financial Officer, INCAT, said the company plans to raise equity capital in India next year to finance its expansion. However, he said he would not like to make any guess on the size of IPO. INCAT is now owned by Pune-based Tata Technologies, a subsidiary of Tata Motors. Tatas paid $65 million for the 100 per cent INCAT equity which was then listed on AIM, part of the London Stock Exchange. The company had raised £13 million. The company mainly offers engineering and design service, known as Product Lifecycle Management for automobile and aerospace companies.

Mr Myers told a group of visiting journalists from India that nearly 55 per cent of the revenue comes from engineering automation, 25 per cent from system integration and 20 per cent from enterprise solution.

About 54 per cent of the revenues comes from North America, 18 per cent from Europe and the balance from Asia.

INCAT plans to double its headcount in the next couple of years. He said the company expects its turnover to reach $500 million in the next three years as it expects large orders from aerospace sectors.

Incidentally, INCAT has been working for the UK auto major Jaguar Land Rover for the last four years - the company Tata Motors is bidding for.

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