TPG’s Rise Climate Fund and Abu Dhabi-based company ADQ have invested 7,500 crore rupees in tata motors to expand their footprints in the electric mobility business. As per the deal, TPG and ADQ will enjoy between 11% and 15% share against compulsorily convertible shares.
Tata will invest this money in accomplishing its dream to produce electric vehicles and building charging infrastructure and battery technologies. Approximately 10 new EVs are expected to bereleased by 2025.
The payment will be made in two installments the first part of the payment will be paid by 22 March and the full payment will be made by the end of 2022. This is Tata’s another big achievement after entering into the e-commerce business.
These funds will help the company to speed up the production of its upcoming Electric vehicle.On the other hand, TPG is also very happy to collaborate with Tata in accomplishing its goal.
Recently, TPG made a statement in which it said that “We are happy to team up with Tata Motors to spearhead India’s electrification of public transportation”.