Tata Motors to raise USD 1 bn in passenger EV biz from TPG Rise Climate

Homegrown auto major Tata Motors on Tuesday said it will raise USD 1 billion (Rs 7,500 crore) in its passenger electric vehicle business at a valuation of up to USD 9.1 billion from TPG Rise Climate.

Tata Motors Ltd (TML) and TPG Rise Climate have entered into a binding agreement under which TPG Rise Climate along with its co-investor ADQ, will invest in a subsidiary of Tata Motors that will be newly incorporated, the company said in a statement.

TPG Rise Climate along with co-investors shall invest Rs 7,500 crore in compulsory convertible instruments to secure between 11-15 percent stake in this company translating to an equity valuation of up to USD 9.1 billion, it added.

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