Tenneco Clean Air India Limited has received observations from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering, marking a significant step toward listing on Indian stock exchanges.
The IPO comprises an offer-for-sale of up to ₹3,000 crore by Tenneco Mauritius Holdings Limited, the promoter selling shareholder. Each equity share carries a face value of ₹10. The company's promoters include Tenneco Mauritius Holdings Limited, Tenneco (Mauritius) Limited, Federal-Mogul Investments B.V., Federal-Mogul Pty LTD, and Tenneco LLC.
Company Background
Tenneco Clean Air India is part of the Tenneco Group, a US-headquartered Tier I automotive component supplier that generated $16.77 billion in revenue for the year ended December 31, 2024. The company established its first manufacturing facility in India at Parwanoo in 1979.
The company manufactures and supplies engineered clean air, powertrain, and suspension solutions for Indian original equipment manufacturers (OEMs) and export markets. Its customer base spans passenger vehicles, commercial vehicles including commercial trucks and off-highway vehicles, and industrial applications such as generator sets, small commercial vehicles, two-wheelers, and three-wheelers.
Market Position
According to the CRISIL Report, Tenneco Clean Air India holds strong market positions across its product segments as of fiscal year 2024:
The company is the largest supplier of clean air solutions to Indian commercial truck OEMs with a 60% market share. In the off-highway vehicle segment, excluding tractors, it ranks among the top two suppliers with a 42% market share.
For passenger vehicles, the company is among the top four suppliers of clean air solutions with a 20% market share. In the suspension segment, it leads as the largest supplier of shock absorbers and struts to Indian passenger vehicle OEMs, commanding a 48% market share.
The company also serves the aftermarket primarily through Motocare India Private Limited, a subsidiary of Tenneco LLC and its group company.