Tata Motors raises close to $1 billion from TPG, ADQ for EV business

Indian automaker Tata Motors has raised Rs 75 billion ($994 million) from private equity firm TPG's Rise Climate Fund and Abu Dhabi's ADQ to expand its passenger electric mobility business, the company said on Tuesday.

Tata will form a separate electric mobility unit in which TPG and ADQ will get between 11% and 15% share against compulsorily convertible shares, valuing the new entity at about $9.1 billion, the company said in a statement.

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The funds will be used to invest in electric vehicles, dedicated BEV platforms, charging infrastructure and battery technologies, Tata Motors said.

The automaker has plans to launch 10 new EVs by 2025 as well as invest in setting up charging infrastructure across the country. ($1 = 75.4910 Indian rupees)

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