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Tata Motors gets first tranche of investment of Rs 3,750 crore from TPG Rise

TPG had, last year, pledged an investment of Rs 7,500 crore in Tata Motors' new electric vehicle subsidiary.

March 30, 2022 / 10:14 PM IST

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.