A joint venture agreement has been signed by BMW Group and Tata Technologies. Both businesses will establish an IT and automotive software development center in Pune, Bengaluru, and Chennai as per the terms of this agreement. This has been disclosed by Tata Technologies in its stock exchange report.
In this joint venture, each company will own fifty percent of the shares. Following this announcement, Tata Technologies' stock is up more than 6%. The company's shares were up Rs 67 at 12:30 PM to trade at Rs 1,117.50.
"We are thrilled to bring our expertise to the forefront," stated Tata Technologies' CEO.
The CEO and MD of Tata Technologies, Warren Harris, stated, "Our partnership with BMW Group demonstrates our dedication to offering automotive software and digital engineering to clients globally." Provide superior solutions.
We are eager to contribute our knowledge in order to realize our goal of creating a better world. Assisting the BMW Group in developing high-end products, offering outstanding digital experiences to clients, and advancing their companies' digital transformations are the objectives.
The President of Tata Technologies' Automotive Sales, Nachiket Paranjpe, stated: "We will collaborate with BMW Group to leverage our deep domain knowledge and SDV expertise in vehicle engineering, which will not only provide technical but also highly advanced solutions." Instead, it provides consumers all over the world with amazing experiences.
"Our partnership with Tata Technologies will quicken our advancement in software-defined automobiles," stated Senior Vice President of Software and E/E Architecture at BMW Group Christoph Grote.
When compared to other countries, India has a sizable population of gifted individuals with software expertise who may improve our software capacity. He noted that working with the best processing tools is a requirement of working with BMW Group on vehicle software development. This, in turn, provides Indian software engineers with high-end automotive knowledge.
