Tata Motors subsidiary Tata Technologies is looking to play a bigger role in the development of new Tata Motors vehicles. As it scales up the R&D chain and redefines its relationship with its parent, the company could be on track to meeting its target of USD 1 billion in revenues over the next two years, reports CNBC-TV18's Alexander Mathew. The company, which so far supplied manpower to support Tata Motors' R&D function, has just signed a new five-year deal, which will give it a much greater role in core R&D and product development at Tata Motors. CMD Warren Harris says Tata Technologies will now be a co-innovation partner with Tata Motors. The new relationship will see Tata Tech get directly involved in new vehicle development over the next three to five years - something that should help the company achieve its target of USD 1 billion dollars in annual revenues. "I anticipate given the fact that this target was set a couple of years ago that it's likely going to be somewhere between FY17 and FY19 that we'll achieve it and I think it's going to be contingent upon the appetite that we have for acquisitions," Harris said . That appetite seems to be fairly large going by the USD 250 million, which the company has set aside for inorganic growth. "We've got a couple of opportunities that are relatively mature. We've still got some work to do on the due diligence side and specifically there's some work that I'm directly involved with on the cultural due diligence side. So I would anticipate that within the next six months there is going to be an announcement that we'll be able to make in terms of an acquisition," he said. Tata Technologies saw its topline grow by 10 percent to Rs 2,644 crore in the last financial year, or a little under USD 400 million. The right acquisition and a maturing R&D relationship with its parent could propel it towards its USD 1 billion dollar revenue target