New Delhi, Nov. 11 -- Multinational auto giants are increasingly listing their Indian arms to unlock value and tap into India's deepening capital markets. Joining this trend, Tenneco Clean Air India, the Indian arm of US-based Tenneco Group, is gearing up for its Rs.3,600 crore IPO, a pure offer for sale by promoter Tenneco Mauritius Holdings.

At the upper end of the Rs.378-397 price band, the company's valuation stands at around Rs.16,000 crore-with no fresh issue proceeds earmarked for expansion.

Tenneco India manufactures and supplies clean air, powertrain, and suspension systems to leading OEMs and export markets. It is the largest supplier of clean air systems to Indian commercial automakers, commanding a 57% market share. The comp...