Tata Motors formed a new division – Tata Passenger Electric Mobility Limited (TPEML) to develop and manufacture electric vehicles (EVs).
see photosTata Motors had raised around USD 2 billion from TPG in October to invest in EVs.
Tata Motors has invested Rs 700 crore in a new wholly owned subsidiary to develop and manufacture Electric Vehicles (EVs). The company has formed a new division – Tata Passenger Electric Mobility Limited (TPEML) and received the Certificate of Incorporation from the Ministry of Corporate Affairs on 21st December. It goes without saying that so far Tata Motors TPEML will be the sole promoter as it has 100n per cent share capital in the EV unit. In a BSE filing, the carmaker said that TPEML has been incorporated with an authorized capital of 70,00,00,000 equity shares of ₹10 each which is equivalent to ₹700 crore.
Read also: TPG Uday Climate, ADQ to invest ₹7,500 cr in Tata Motors’ new EV unit
TPEML will focus on development and manufacturing of new EVs.
Explaining the goals and objective of the new subsidiary in a BSE filing, the company said, “TPEML is mandated to manufacture, design, develop all types of services relating to Electric Vehicles/Electric Mobility, Hybrid Electric Vehicles of all types and all Details for carrying passengers or other personnel, whether powered, moved, drawn, or assisted by means of electricity, batteries, solar power, or any other power devices; engines, motors, parts, components , accessories and related equipment, as well as activities necessary for the installation and undertaking of assembly, fabrication, manufacturing, sales, after-sales services, marketing, promotional and/or servicing facilities.”
Read also: Tata Motors to invest $2 billion in electric vehicles after raising funds from TPG
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Earlier in October this year, the company had shared plans to invest around USD 2 billion in the electric vehicles business over the next five years. Tata Motors had also raised funds from private equity firm – TPG during the same period and agreed to invest around USD 1 billion to expand its EV business.
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