Homegrown auto major Tata Motors on Tuesday said it will raise $1 billion (₹7,500 crore) in its passenger electric vehicle business at a valuation of up to $9.1 billion from TPG Rise Climate.
Tata Motors Ltd (TML) and TPG Rise Climate have entered into a binding agreement under which TPG Rise Climate along with its co-investor ADQ, will invest in a subsidiary of Tata Motors that will be newly incorporated, the company said in a statement.
TPG Rise Climate along with co-investors shall invest ₹7,500 crore in compulsory convertible instruments to secure between 11-15% stake in this company translating to an equity valuation of up to $9.1 billion, it added.
