Tata Motors rose 2.32% to Rs 423.25 after the media reported that the auto major is planning to invest Rs 15,000 crore in the EV segment in the next five years.
According to the reports, the company, which is a leader in the newly emerging EV segment with offerings such as Nexon, is also planning to develop around 10 more new offerings in the segment.In October last year, Tata Motors announced that it will raise $1 billion (Rs 7500 crore) in its passenger electric vehicle business at a valuation of upto $9.1 billion from TPG Rise Climate.
TPG Rise Climate along with co-investors ADQ, shall invest Rs 7,500 crore in compulsory convertible instruments to secure between 11% to 15% stake in a newly incorporated subsidiary of Tata Motors, translating to an equity valuation of up to $9.1 billion.
The new company shall leverage all existing investments and capabilities of Tata Motors and will channelise the future investments into electric vehicles, dedicated BEV platforms, advanced automotive technologies and catalyse investments in charging infrastructure and battery technologies.
Over the next 5 years, this company will create a portfolio of 10 electric vehicles (EVs) and in association with Tata Power, catalyse the creation of a widespread charging infrastructure to facilitate rapid EV adoption in India.
Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses. On a consolidated basis, the auto major reported net loss of Rs 1,338.17 crore in Q3 FY22 as against a net profit of Rs 3,222.21 crore in Q3 FY21. Net sales fell 4.6% to Rs 71,406.77 crore in Q3 FY22 over Q3 FY21.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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