Home-grown automaker Tata Motors on Monday said its board has given in-principle approval for partial divestment of the company's investment in Tata Technologies via the initial public offering (IPO) route.

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In a regulatory filing, Tata Motors said the IPO Committee of the company, which met on December 12, 2022, has given its in-principle approval.

The Mumbai-based company said, "We wish to inform you that the IPO Committee at its meeting held on December 12, 2022, has accorded

its in-principle approval to explore the possibility of partial divestment of the company’s investment in Tata Technologies, a subsidiary of the company, through an IPO route at an opportune time."

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The company will make further announcements of all material developments relating to IPO, as and when required, as per SEBI Regulations and other applicable laws, it said.

Tata Technologies is a global engineering and product development digital services firm. It offers services to industries across automotive, aerospace, industrial heavy machinery and others.

As per information available on the company's website, Tata Technologies had clocked a revenue of $473.5 million in FY22.

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It is a strategic supplier to Airbus and had recently inaugurated its innovation centre in Toulouse, France, as part of its strategy to cater to the product engineering and digital requirements of the global aerospace and defence sector.

In June, Tata Technologies joined the Foxconn-initiated MIH Consortium to promote the development of sustainable mobility solutions and encourage collaboration within the industry. The MIH (Mobility In Harmony Consortium) comprises more than 2,300 members in the field of software, hardware, and services.