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Tata Motors enters into binding agreement with TPG Rise Climate

13 Oct 2021

Tata Motors has entered into binding agreement with TPG Rise Climate under which the latter along with its co-investor ADQ, will invest in a subsidiary of Tata Motors that will be newly incorporated. Tata Motors will raise $1 billion (Rs 7,500 crore) in its passenger electric vehicle (EV) business from TPG Rise Climate at a valuation of up to $9.1 billion. The fund will be used to partly fund investment of $2 billion (over Rs 16,000 crore) in the next five years by a new subsidiary of the company for expanding its EV business, including launching of 10 EV models.

The new EV company will leverage all existing investments and capabilities of Tata Motors and will channelise the future investments into electric vehicles, dedicated BEV platforms, advanced automotive technologies and catalyse investments in charging infrastructure and battery technologies.

Tata Motors is India’s largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.

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