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CNBC 12 October, 2021 - 08:29pm

Tata Motors to invest $2 billion in EVs after fundraise from TPG

Yahoo Finance 13 October, 2021 - 05:05am

TPG to Participate in $1B Fund Raise by Tata Motors for Electric Vehicle Business

MarketWatch 12 October, 2021 - 05:14pm

TPG Rise Climate along with the co-investor shall subscribe to compulsory convertible instruments to secure a 11%-to-15% stake in the electric vehicle business, Tata Motors said in a statement late Tuesday.

The investment values the passenger electric vehicle's business at up to $9.1 billion.

Over the next five years, the business will create a portfolio of 10 electric vehicles and in collaboration with Tata Power, will also establish charging infrastructure to facilitate rapid electric vehicle adoption in India.

"The investment aligns with TPG Rise Climate's focus on decarbonized transport and builds on TPG's long history in India," said Managing Partner of TPG Rise Climate Jim Coulter.

Morgan Stanley and JP Morgan advised Tata Motors on the deal, while BofA advised TPG Rise Climate.

Write to P.R. Venkat at venkat.pr@wsj.com

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