Tata Technologies Ltd. has received a notice from the government of Chhattisgarh to cancel the upgradation of Industrial Training Institutes there and the termination of a memorandum of agreement as the state explores alternative options to achieve its objectives.
In response, Tata Technologies sent a letter to the government on Saturday, confirming its acceptance of the termination and agreeing to initiate the process for refunding the amount set aside in escrow, according to an exchange filing on Friday.
Under the agreement, Tata Technologies was the lead industry partner responsible for upgrading 36 ITIs into Centers of Excellence in Chhattisgarh.
The engineering firm reported a 3.2% rise in its net profit on a sequential basis for the first quarter of financial year ending March 2025. The company reported a bottom line of Rs 162 crore in the quarter-ended June as compared with Rs 157 crore during the previous quarter, according to its stock exchange notification.
Shares of Tata Technologies Ltd., closed 1.01% lower at Rs 989.45 per share, compared to a 1.04% advance in the BSE Sensex on Friday.
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