Abu Dhabi fund to invest in Tata Motors’ electric vehicles venture | Markets – Gulf News
Tata Motors will invest over $2 billion in its electric vehicle (EV) business over the next five years, a company executive said on Tuesday, after the Indian automaker announced it had raised funds from private equity firm TPG.
Earlier, Tata Motors said TPG’s Rise Climate Fund and Abu Dhabi state holding company ADQ had agreed to invest about $1 billion to expand the company’s EV business for which it would form a separate unit.
TPG and ADQ would hold between 11 per cent and 15 per cent in the new EV entity, valuing it at about $9.1 billion, Tata said. The unit will invest in new models, dedicated battery electric vehicle platforms, charging infrastructure and battery technologies.
“The aim is to lead the EV charge in the market,” Shailesh Chandra, head of Tata Motors’ passenger vehicles business told reporters, adding that to achieve its goals the company will work with investors who are focussed on a “carbon free world.” Shares in the Indian automaker, which owns British luxury brand Jaguar Land Rover, rose nearly 20 per cent in Wednesday morning trade to its highest level since February 2017.
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