Tata Motors raises $1 billion for its electric vehicle business
India Today
Over the next 5 years, the new electric vehicle entity will create a portfolio of 10 EVs for Tata Motors.
Tata Motors announced its plan to convert its electric vehicle business into a subsidiary and raise $1 billion from TPG Rise Climate along with its co-investor ADQ for an 11 to 15 per cent stake, which translates to a valuation of up to $9.1 billion for the new entity. The new EV subsidiary from Tata Motors will receive an initial investment of Rs 7,500 crore. Over the next 5 years, this new entity will create a portfolio of 10 EVs and, in association with Tata Power Ltd, catalyze the creation of widespread charging infrastructure to facilitate rapid EV adoption in India.
N Chandrasekaran, Chairman of Tata Motors Ltd said, “I am delighted to have TPG Rise Climate join us in our journey to create a market-shaping electric passenger mobility business in India. We will continue to proactively invest in exciting products that delight customers while meticulously creating a synergistic ecosystem. We are excited and committed to playing a leading role in the government’s vision to have a 30 per cent electric vehicle penetration rate by 2030.”
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