Tata Motors invests Rs 7,500 crore in electric vehicle business
Tata Motors is making a global investment in the electric vehicle business. US-based TPG Rice Climate and Abu Dhabi-based ADQ will invest Rs 7,500 crore.
Tata Motors will transform its electric vehicle business into a separate company. The TPG-ADQ alliance will have an 11% –15% stake in the company. The new company is valued at Rs 68,250 crore.
The new company will utilize all of Tata’s existing capabilities and carry out further research and development activities in the electric vehicle sector, the Tata Group said. The company aims to launch 10 electric vehicles by 2025. Tata Power will also develop a charging facility.
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