Tenneco Clean Air India Files DRHP with SEBI for ₹3,000 Crore IPO

Tenneco Clean Air India Limited, part of the global Tier I automotive component supplier Tenneco Group, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The issue comprises an Offer for Sale (OFS) worth up to ₹3,000 crore by Tenneco Mauritius Holdings Limited, a promoter selling shareholder. The face value of each equity share is ₹10.

The promoters of the company include Tenneco Mauritius Holdings Limited, Tenneco (Mauritius) Limited, Federal-Mogul Investments B.V., Federal-Mogul Pty Ltd, and Tenneco LLC. The equity shares are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited (NSE).

Tenneco Clean Air India is a subsidiary of the U.S.-headquartered Tenneco Group, which recorded revenue of USD 16.77 billion for the year ended December 31, 2024. The company began its operations in India in 1979 with the establishment of its first manufacturing facility in Parwanoo. It manufactures and supplies clean air, powertrain, and suspension solutions that are customized for Indian original equipment manufacturers (OEMs) as well as for export markets.

The company serves a diverse customer base, including OEMs in the passenger vehicle (PV) segment, commercial vehicles (CVs) such as commercial trucks (CTs) and off-highway vehicles (OHs), and in various industrial and other applications. These industrial applications include generator sets, two-wheelers, three-wheelers, and small commercial vehicles with gross vehicle weight below 3.5 tons. It also caters to the aftermarket through Motocare India Private Limited, a subsidiary of Tenneco LLC.

According to a CRISIL Report, Tenneco Clean Air India is the largest supplier of Clean Air Solutions to Indian commercial truck OEMs, holding a market share of 60%. It is among the top two suppliers of Clean Air Solutions to Indian off-highway vehicle OEMs (excluding tractors), with a market share of 42%.

The company ranks among the top four suppliers of Clean Air Solutions to Indian passenger vehicle OEMs, with a market share of 20%. Additionally, it is the largest supplier of shock absorbers and struts to Indian passenger vehicle OEMs, holding a 48% market share. All market share figures are based on value (revenue) for the fiscal year 2024.

JM Financial Limited, Citigroup Global Markets India Private Limited, Axis Capital Limited, and HSBC Securities and Capital Markets (India) Private Limited are acting as the Book Running Lead Managers for the proposed IPO.