Tata Motors soars 20 percent on news of fund raise for EVs
Al Jazeera
The Jaguar Land Rover owner has raised $1bn for its EV business for which it will form a separate unit.
Tata Motors will invest more than $2bn in its electric vehicle (EV) business over the next five years, a company executive has said after the Indian automaker announced raising funds from private equity firm TPG.
TPG’s Rise Climate Fund and Abu Dhabi state holding company ADQ have agreed to invest about $1bn to expand the company’s EV business for which it would form a separate unit, Tata Motors said in an exchange filing on Tuesday.
TPG and ADQ would hold between 11 percent and 15 percent in the new EV entity, valuing it at about $9.1bn, Tata said. The unit will invest in new models, dedicated battery electric vehicle platforms, charging infrastructure and battery technologies.
