Tata Motors Raises $1 Billion From TPG For Electric Vehicles Unit

Tata Motors Raises $1 Billion From TPG For Electric Vehicles Unit

Natarajan Chandrasekaran, chairman of Tata Sons, speaks during the launch of the Tata Nexon electric ... [+] car, in Mumbai on January 28, 2020. 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, sending the automaker's stock soaring more than 20% on Wednesday. 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. India's government aims to have EVs make up 30% of private cars sales by 2030 to reduce it dependence on oil and to cut emissions. They currently account for less than 1%, so the government in introducing incentives to spur the process. Many of India's top automakers still have yet to begin selling EVs. Tata Motors' shares have surged of 278%