Tata Motors Officially Forms A Separate EV Subsidiary

Tata Motors Limited has announced that it has incorporated a wholly-owned subsidiary, Tata Passenger Electric Mobility Limited (TPEML), which will be involved in manufacturing electric motor vehicles, with an initial capital of INR 700 crore.TPEML has been incorporated to manufacture, design, develop all kinds of services related to electric vehicles/electric mobility, hybrid electric vehicles of all kinds and all descriptions for carrying passengers or other personnel, whether propelled, moved, drawn or assisted by means of electricity, battery, solar energy, or any other power devices.TPEML has been incorporated with an authorized capital of 70,00,00,000 equity shares of Rs 10 each aggregating to Rs 700 crore. The entire paid-up share capital will be held by Tata Motors Limited (TML).In October this year, Tata Motors had unveiled its plans to invest over $2 billion in its electric vehicle (EV) business over the next five years. The Indian automaker announced it had raised funds from private equity firm TPG. TPG's Rise Climate Fund and Abu Dhabi state holding company ADQ had agreed to invest about $1 billion to expand the company's EV business for which it would form a separate unit, as informed by the auto manufacturer.