Tenneco Clean Air India Limited

Tenneco Clean Air India Limited, incorporated in 2018, is the Indian arm of the Tenneco group and supplies emission control and ride performance systems to vehicle manufacturers. Its clean air range covers catalytic converters, diesel particulate filters, silencers and exhaust assemblies, which help engines meet the tighter Bharat Stage VI norms. A second line of business, advanced ride technologies, produces shock absorbers, struts and related suspension components. The company builds these products at 12 plants spread across seven Indian states, split between clean air and powertrain sites and advanced ride technology sites. It sells mainly to original equipment manufacturers across passenger vehicles, commercial vehicles and off-highway equipment, and also serves the replacement market. A design and engineering team of roughly 145 people supports product development and localisation work for Indian customers. By market share, the company is the largest supplier of clean air systems to Indian commercial vehicle makers and to off-highway equipment makers, and it ranks among the four largest suppliers to passenger vehicle makers. It is also the biggest supplier of shock absorbers and struts to Indian passenger vehicle makers. Revenue was close to Rs 4,931 crore in FY25 with a profit of about Rs 553 crore, and its growth is tied to vehicle production volumes, the steady tightening of emission rules and the content it can add per vehicle.

Ahead of the issue the company placed 2,72,04,030 shares with 58 anchor investors at Rs 397 per share, raising about Rs 1,080 crore. Roughly 54 percent of the anchor book went to 17 domestic mutual funds across 41 schemes, and participants included SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Tata Mutual Fund and Mirae Asset, alongside insurers such as SBI Life and HDFC Life and global names including Fidelity, BlackRock, Nomura, Goldman Sachs, Norway's Government Pension Fund Global and the Abu Dhabi Investment Authority.