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KRChoksey Research Report
Tata Motors Ltd. announced that private equity firm TPG Group would be investing Rs 7,500 crore in its new wholly owned electric vehicle subsidiary.
In the new structure the company will be having two subsidiaries-
Tata Motors passenger vehicle (PVCo) – 100% holdings, and
Tata Motors electric vehicle (EVCo) – with 85-89% holdings and the balance 11-15% will be held by TPG group at an equity valuation of $9.1 billion.
In exchange the company will issue compulsory convertible preference shares, which will be converted into ordinary equity shares in EVCo on the basis of achieving the revenue threshold.
Tata Motors intend to have a differentiated focus for its commercial vehicle and passenger vehicle segments to help each realise their potential and unlock the business value and operational flexibility.
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