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

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

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

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.

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