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ICICI Direct Report
Tata Motors Ltd. has raised $1 billion (~Rs 7,500 crore) via 11-15% stake sale (exact quantum dependent upon meeting of revenue thresholds) in its India electric vehicle business (EVCo) to TPG Rise (TPG Rise Climate Fund; ADQ is co investor).
The implied valuation of EVCo is pegged at $6.7 – 9.1 billion.
Tata Motors' EVCo will invest more than $2 billion (i.e. more than Rs 16,000 crore) over the next five years in products, platforms, drive trains, dedicated electric vehicle manufacturing, charging infrastructure and advanced technologies.
Committed to 10 electric vehicles by FY26.
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