TPG Rise Climate will invest $1 billion in Tata Motors’ passenger electric vehicle division
![TPG Rise Climate will invest $1 billion in Tata Motors' passenger electric vehicle division](https://www.thetechoutlook.com/wp-content/uploads/2021/10/TPG-Rise-Climate-will-invest-1-billion-in-Tata-Motors-passenger-electric-vehicle-division.jpg)
Tata Motors, India’s largest automaker, said on Tuesday that it will receive $1 billion (Rs 7,500 crore) from TPG Rise Climate for its passenger electric car business, valued at up to $9.1 billion.
TPG Rise Climate and Tata Motors Ltd (TML) have signed a binding agreement under which TPG Rise Climate and its co-investor ADQ would participate in a newly established Tata Motors subsidiary, according to the firm.
TPG Rise Climate and co-investors would invest Rs 7,500 crore in forced convertible instruments to obtain an 11-15 percent interest in the firm, valuing it at up to $9.1 billion, according to the statement.