Tata Motors set to raise $1B for EV subsidiary in round led by TPG Rise Climate
Tata Motors recently announced that its passenger electric vehicle subsidiary is set to raise $1 billion from TPG Rise Climate and ADQ at a valuation of $9.1 billion.
TPG Rise Climate and co-investors will be investing Rs 7500 crore in compulsory convertible instruments to secure 11-15 percent stakes in the subsidiary. Said EV company will leverage existing investments and capabilities of Tata Motors Ltd. and will utilise future investments to develop electric vehicles, dedicated BEV platforms, advanced automotive tech, charging infrastructure, and battery technology.
The company is looking to create a portfolio of 10 EVs and work towards upscaling charging infrastructure to facilitate rapid EV adoption in India over the next half decade.
The first round of capital infusion is set to be in March next year.
“There is significant momentum around India’s EV movement, supported by the government’s vision and policies, as well as growing consumer demand for greener solutions. The investment aligns with TPG Rise Climate’s focus on decarbonized transport and builds on TPG’s long history in India,” said Managing Partner, TPG Rise Climate Jim Coulter.
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