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Tata Motors raises $1 billion for electric vehicles

Christian Fernsby |
Tata Motors has reached a deal to raise about $1 billion by selling a stake in its electric vehicle business to a TPG fund and other investors.

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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.

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