TPG to Participate in $1 Billion Fund Raise by Tata Motors for Electric Vehicle Business
13 Ottobre 2021 - 12:44AM
Dow Jones News
By P.R. Venkat
U.S. Private equity firm TPG Inc. and Abu Dhabi's ADQ have
agreed to invest $1 billion in the passenger electric vehicle
business of Tata Motors Ltd.
TPG Rise Climate along with the co-investor shall subscribe to
compulsory convertible instruments to secure a 11%-to-15% stake in
the electric vehicle business, Tata Motors said in a statement late
Tuesday.
The investment values the passenger electric vehicle's business
at up to $9.1 billion.
Over the next five years, the business will create a portfolio
of 10 electric vehicles and in collaboration with Tata Power, will
also establish charging infrastructure to facilitate rapid electric
vehicle adoption in India.
"The investment aligns with TPG Rise Climate's focus on
decarbonized transport and builds on TPG's long history in India,"
said Managing Partner of TPG Rise Climate Jim Coulter.
Morgan Stanley and JP Morgan advised Tata Motors on the deal,
while BofA advised TPG Rise Climate.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
October 12, 2021 18:29 ET (22:29 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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