Tenneco Clean Air India, part of the global Tier 1 automotive giant Tenneco Group, has officially taken the first step toward entering India’s public markets. The company has filed its Draft Red Herring Prospectus (DRHP) with SEBI, aiming to raise up to ₹3,000 crore through an Offer for Sale (OFS) by Tenneco Mauritius Holdings, its promoter entity.
While the offer is structured as a sale by the existing shareholder, the move marks a significant moment for India’s fast-evolving auto components landscape — especially within the clean air, powertrain, and suspension technology verticals.
What Does Tenneco Clean Air India Do?
Founded in 1979 and operating out of its first facility in Parwanoo, the company specializes in delivering emission-control and suspension systems for a broad spectrum of vehicle segments — from passenger vehicles (PVs) and commercial vehicles (CVs) to construction and industrial equipment (CTs and OHs). It also services the aftermarket segment via Motocare, a Tenneco LLC subsidiary.
The company currently commands:
- 60% market share in clean air systems for India’s construction equipment OEMs
- 42% share among off-highway vehicle manufacturers
- 20% share in the passenger vehicle emissions segment
- 48% market share in shock absorbers and struts for passenger vehicles
These figures highlight Tenneco’s entrenched leadership across multiple critical supply categories.
The Bigger Picture: Global Strength, Local Growth
Globally, the Tenneco Group reported $16.7 billion in revenues for FY 2024, reflecting the strength of its international footprint and deep OEM partnerships. With India poised to become a key growth engine in clean mobility and localized automotive innovation, this IPO could signal more than just financial maneuvering — it may represent a strategic recommitment to India’s green transition.
IPO Strategy: Lead Managers and Listing Plan
To manage the public issue, the company has roped in top-tier financial players including:
- JM Financial
- Citigroup Global Markets India
- Axis Capital
- HSBC Securities and Capital Markets (India)
Shares are expected to list on both the BSE and NSE, aligning with standard capital market practices and offering investors access through major Indian exchanges.
