Indian automaker Tata Motors has raised rupees 75 billion (US $ 994 million) from the Rise Climate Fund of Abu Dhabi private equity firm TPG and ADQ to expand its electric passenger mobility business, the company said Tuesday. .
Tata will form a separate electric mobility unit, where TPG and ADQ will receive between 11 and 15 percent in exchange for convertible shares, valued at about $ 9.1 billion in the new unit, the company said in a statement.
The funds will be used to invest in electric vehicles, dedicated BEV platforms, charging infrastructure and battery technologies, Tata Motors said.
The automaker plans to launch 10 new electric vehicles by 2025 and invest in building a charging infrastructure across the country.