Tata Motors Ltd. (TML) said it had entered into share purchase agreements to sell 9.9% stake in Tata Technologies Ltd. (TTL) for an aggregate consideration of ₹1,613.7 crore.
“TPG Rise Climate is the lead investor for this transaction, which ascribes an equity valuation of INR 16,300 Cr (US$ 2.0 billion) for TTL,” Tata Motors said in a statement. “This transaction furthers TML’s de-leveraging agenda and is expected to close in the next two weeks on completion of customary closing procedures,” TML added in the statement.
TPG Rise Climate had earlier invested $1 billion in Tata Passenger Electric Mobility Ltd.
TTL, a subsidiary of Tata Motors, is a global engineering services company which offers product development and digital solutions to global original equipment manufacturers. It has deep domain expertise in the automotive industry and leverages the expertise to serve clients in adjacent industries such as aerospace, transportation, and construction heavy machinery.
TPG Rise Climate is the dedicated climate investing arm of TPG’s $18 billion global impact investing platform. The fund focuses on five climate sub-sectors: energy transition, green mobility, sustainable fuels, sustainable molecules, and carbon solutions.
Published - October 13, 2023 08:39 pm IST
