Tata Motors raises $1 billion for electric vehicles
TPG Rise Climate and Abu Dhabi’s ADQ will invest 75 billion rupees for a 11-15% stake in Tata Motor’s electric vehicle unit that values the business at $9.1 billion. Tata Motors is the leading EV manufacturer in India with a 70% market share in fiscal year 2021.
Tata Motors said it said it would invest over $2 billion in its EV business as part of its plan to expand its portfolio of 10 models over the next five years. ■