Tata Motors, the automotive manufacturing arm of conglomerate Tata Group, on March 30 said it received the first tranche of investment of Rs 3,750 crore from climate-focused private equity fund TPG Rise.
TPG had, in agreements inked with Tata Motors last year, pledged an investment of Rs 7,500 crore in the latter's electric vehicle subsidiary - Tata Motors Electric Mobility Ltd.
"...pursuant to the Agreement, TPG has subscribed to 3, 75,00,000 compulsorily convertible preference shares of the face value of Rs 1 ,000/- each in the subsidiary on March 30, 2022, for an aggregate consideration of Rs 3,750,00,00,000 as the first tranche of the proposed transaction," Tata Motors said in a regulatory filing.
Notably, TPG, along with co-investor ADQ of Abu Dhabi, valued the new Tata Motors EV company at $9.1 billion, making it the most valuable company in the EV category in India.