TPG Group to fund Rs 7,500 crore in Tata Motors' new EV subsidiary
By MYBRANDBOOK
Tata Motors has announced that TPG Group would be investing Rs 7,500 crore in its new wholly-owned electric vehicle subsidiary. The investment would be made in tranches, over a period of 18 months from the date of completion of the first tranche. The company said, TML EVCo, the entity set up by Tata Motors for the electric vehicles segment, will undertake the passenger electric mobility business. The first round of capital infusion will be completed by March 2022 and the entire funds will be infused by the end of 2022.
The private equity firm, TPG Group, will secure an 11-15 percent stake in the EV subsidiary at an equity valuation of $9.1 billion.
N Chandrasekaran, Chairman, Tata Motors, said, “I am delighted to have TPG Rise Climate join us in our journey to create a market-shaping electric passenger mobility business in India. We will continue to proactively invest in exciting products that delights customers while meticulously creating a synergistic ecosystem. We are excited and committed to play a leading role in the Government’s vision to have a 30% electric vehicles penetration rate by 2030."
Earlier this year, Mahindra & Mahindra had announced that it would invest Rs 3,000 crores over the next three years to build its EV vertical. Hyundai has invested Rs 1,700 crore, targeting 5 lakh EVs by 2025., which was the first auto major to launch an electric car in India with Kona EV, and Kia has said that it will bring out six new EVs by 2024. The two will also come out with a low-cost EV car, priced below Rs 15 lakh, to be pitted against Tata's Nexon EV.
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