Let’s Know Why Tata Motors Share Price Up 25% Today. All You Need To Know About Tata Motor Share News Today.
Why Tata Motor Up Today ?
Tata Motors Ltd (TML) and TPG Rise Climate have announced that they have entered into a binding agreement in which TPG Rise Climate, along with its co-investor ADQ, will invest in a subsidiary of Tata Motors that will be newly incorporated.
The TPG Rise Climate investment will be made in Indian currency and accompanied by compulsory convertible instruments for a stake of between 11 and 15% in the company, translating to a valuation of up to $9.1 billion.
Tata Motors has announced that the new company will leverage all existing investments and capabilities of Tata Motors Ltd. These investments will be devoted to electric vehicles, dedicated batteries for electric vehicles, and advanced automotive technologies. The company plans to adopt 10 EVs over the next five years and provide widespread charging infrastructure through a joint venture with Tata Power Ltd.
Tata Motor 25% Up Today
Tata Motors Chairman N Chandrasekaran commented, “We are thrilled to have TPG Rise Climate join us in our mission to build an electric mobility business that shapes the market in India. Investing in exciting products with high customer satisfaction, while devising a synergistic ecosystem will make our company a leader in the drive to reach 30% electric vehicle penetration by 2030.”
Tata Motors’ Managing Partner and Founding Partner Jim Coulter said he was excited about the opportunity to work with the company on their plan to electrify passenger transportation in India. India’s EV movement has gained a lot of traction due to its policies and vision, as well as growing consumer interest in greener alternatives. It builds on TPG’s long history in India and also aligns with rising Climate’s focus on decarbonized transportation.