Tata Elxsi Limited has announced a leadership transition in its finance department, with Chief Financial Officer Gaurav Bajaj stepping down and Nalin Rana taking over the role. The changes were approved by the company's Nomination and Remuneration Committee and Board of Directors at their respective meetings held on April 27, 2026.

CFO Transition Details

The leadership change involves a seamless transition with minimal gap between the outgoing and incoming CFOs:

Gaurav Bajaj has decided to resign to pursue career opportunities outside the organization. The Board of Directors has placed on record its appreciation for his invaluable contribution during his tenure as Chief Financial Officer.

New CFO Profile

Nalin Rana brings extensive experience to his new role at Tata Elxsi. His professional background spans multiple areas of finance and strategy:

Current Role and Experience

• Total Experience: 17 years in strategic finance, business planning, corporate strategy, and investment banking
• Current Position: Senior leader in Group CFO and Group Strategy Office at Tata Sons (since 2021)
• Board Positions: Member of the Board at Tata Teleservices Limited and Tata Teleservices (Maharashtra) Limited

Key Responsibilities at Tata Sons

Rana has spearheaded key projects across multiple business verticals, including:

• Strategic analysis of businesses
• Investment management
• Fund raising initiatives
• Mergers and acquisitions

Previous Professional Experience

Before joining the Tata Group in 2021, Nalin Rana held a senior position in investment banking:

Educational Qualifications

Rana holds strong academic credentials in management and engineering:

• Post-graduate Management Degree: Indian Institute of Management Indore
• B.Tech. in Electrical Engineering: National Institute of Technology Silchar

Regulatory Compliance

The announcement was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Both executives will serve as Key Managerial Personnel in accordance with the provisions of the Companies Act, 2013. The transition ensures continuity in the company's financial leadership while bringing fresh expertise to drive future growth initiatives.

Tata Elxsi has entered into a strategic partnership with JSW Motors to establish the JNEXT – JSW NextGen Technology Center in Pune, focusing on the development of next-generation connected and software-defined mobility solutions. The partnership was formalized through a Memorandum of Understanding (MoU) signed on April 24, 2026, with Tata Elxsi making the disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Strategic Partnership Details

The collaboration establishes a strategic engineering hub to support the development of next-generation software-defined, AI-powered mobility solutions, aligned with the industry's shift towards connected and electrified vehicles. The JNEXT Center will enable close collaboration with JSW Motors' R&D, manufacturing, and leadership teams.

Technology and Service Scope

Tata Elxsi will lead the implementation of the Connected Vehicle Platform and unified customer experience app for JSW Motors' upcoming vehicle programs, owning the platform end-to-end from conceptualization and integration to production and aftersales support. The collaboration will bring capabilities across:

• Digital and data-driven solutions including user experience design
• Cloud platforms and over-the-air (OTA) frameworks
• Digital twins and AI/ML analytics
• 5G-enabled technology and cybersecurity
• Immersive technologies like AR/VR/XR for enhanced customer experience
• Software-defined vehicle architectures and intelligent platforms for diagnostics
• Performance optimization and predictive maintenance
• Testing, validation, functional safety frameworks aligned with global automotive standards

Leadership Perspectives

Ranjan Nayak, CEO of JSW Motors, emphasized the partnership's role in building a technology-led, new-energy mobility ecosystem deeply rooted in India and globally competitive. He highlighted Tata Elxsi's proven expertise across software-defined vehicles, ADAS, electrification, and digital engineering as key factors in accelerating development timelines.

Manoj Raghavan, MD & CEO of Tata Elxsi, noted that the future of mobility will be increasingly connected and software-defined, where vehicles continuously evolve through software, data, and intelligent systems. The JNEXT Center will be instrumental in translating this vision into real-world mobility solutions across vehicle programs.

Strategic Significance

This partnership positions both companies to capitalize on the growing demand for connected and software-defined vehicles in the automotive industry. The collaboration leverages Tata Elxsi's technological expertise in design and engineering services alongside JSW Motors' focus on new-energy passenger vehicles. Tata Elxsi will utilize its proprietary platforms such as TETHER Auto to deliver scalable, cloud-native platforms aligned with global automotive standards. The engagement supports JSW Motors' vision of building a technology-led ecosystem with focus on indigenization and localization across the vehicle value chain.