26-October-2021
Corporate News
 
Tata Motors raises close to $1 billion from TPG, ADQ for EV business
13-Oct-2021

Indian automaker Tata Motors has raised 75 billion rupees ($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.Indian automaker Tata Motors has raised 75 billion rupees ($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.

News Source:- https://www.financialexpress.com/industry/tata-motors-raises-close-to-1-billion-from-tpg-adq-for-ev-business/2348806/