Tata Motors buys majority stake in Norwegian firm

15 Oct 2008 Evaluate

Tata Motors has picked up a majority stake in Norway-based Miljo Grenland/Innovasjon, which specialises in developing solutions for electric vehicles. Tata Motors’ UK subsidiary, Tata Motors European Technical Centre, has acquired a 50.3 per cent in Miljo for Rs 9.4 crore.

Miljo will produce electric vehicles based on Tata Motors’ products, besides manufacturing polymer lithium ion batteries and developing related technologies. Tata Motors has been working with this company to develop the electric version of the Indica.

There have been reports that Tata Motors has been working with Miljo Grenland to develop an electric-Nano too. European countries have shown an interest in an electric version of the Nano. The first electric vehicle to be developed by the company will be the Indica EV. It is scheduled for launch in Europe during 2009.

Unlike existing electric vehicles, the Indica EV will be a more practicable option for the consumer; capable of carrying four people, with adequate luggage space, a predicted range of up to 200 km and acceleration of 0-60 kmph in under 10 seconds.

Tata Motors believes that this investment in Miljo will help the company realise its strategy to develop convenient, affordable and sustainable mobility solutions through electric and hybrid vehicles.

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