TPG to invest $1 billion in Tata Motors' electric vehicle subsidiary

The EV business in the commercial vehicles segment will remain with the parent company and is out of the purview of this deal

Arindam Majumder New Delhi
Tata Motors

The company said the first round of capital infusion would be completed by March 2022 and all the money will come by the end of 2022

In a boost to its electric vehicle (EV) push, Tata Motors on Tuesday closed a deal to raise Rs 7,500 crore from TPG Rise Climate and Abu Dhabi’s ADQ. This is the first major fundraising by an Indian carmaker to push clean mobility.
The investment will be in a newly formed subsidiary Tata Motors has formed for the EV business. The Rs 7,500 crore (close to $1 billion) will give a stake of 11-15 per cent stake to the TPG-ADQ combine in this subsidiary.
Bank of America was the advisor to TPG Rise Climate, and Morgan Stanley and JP Morgan have advised Tata Motors’ EV unit. The group is the leading player in the EV business with more than a 70 per cent market share.

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First Published: Oct 12 2021 | 10:03 PM IST

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