In an attempt to unlock shareholder value, Tata Motors [Get Quote] may consider listing some of its profit-making subsidiaries.

The country's third largest carmaker has 21 profit-making subsidiaries out of a total of 30 in India and abroad.

Addressing shareholders at the company's 62nd annual general meeting today, Tata Motors Chairman Ratan Tata said, "We may go in for initial public offerings of some of the subsidiaries which are making profit."

The revenue contribution by these 30 subsidiary companies was Rs 6453.67 crore in the last financial year, out of the total consolidated revenue of nearly Rs 37,000 crore.

Although Tata did not name the probable listing candidates, industry sources said Tata Daewoo [Get Quote] Commercial Vehicle and Telco Construction Equipment Company might be the first off the block.

TDCV is the largest subsidiary with sales of Rs 2,248.81 crore, followed by TELCON, a 60:40 joint venture between Tata Motors and Hitachi, with sales of Rs 1,837 crore. However, TELCON contributed a profit of Rs 183.86 crore, the highest among the subsidiaries.

Tata also said the company is "on schedule" for launching its small car in mid-2008 despite the initial political hiccups. He said the greatest challenge for the small car will come from Chinese manufacturers in the coming years.

The company will launch a new generation of the Indica and Indigo cars. The cars may have newer engines and newer outer bodies.

One of the most enthusiastic of launches will be the crossover car-utility vehicle which was showcased at the Geneva Motor Show. The company will also launch its new pick-up truck which will be manufactured in Thailand.

Tata Motors will also make its own mini-van, which will be on the lines of the recently launched Winger, a product made from the Renault Trafic platform.