New Delhi: Indian car maker Tata Motors has collected 75 billion rupees ($ 994 million) from private equity companies of the TPG and ADQ ABA Dhabi climate funds to expand the business of the passenger electricity mobility, the company said on Tuesday.
Tata will form a separate electrical mobility unit where TPG and ADQ will reach between 11% and 15% of the shares that can be converted compuled, assessing new entities of around $ 9.1 billion, the company said in a statement.
The funds will be used to invest in electric vehicles, special BEV platforms, charging infrastructure and battery technology, said Tata Motors.
Car makers have plans to launch 10 new eVs in 2025 and invest in preparing charging infrastructure throughout the country.