domestic vehicle manufacturers Tata Motors TPL said on Friday that it is going to sell its 9.9 percent stake in subsidiary Tata Technologies Limited (TTL) to TPG Rise Climate for Rs 1,613.7 crore.
TTL’s 9.9 percent stake will be sold for Rs 1,613.7 crore
Tata Motors said in a statement that it has signed a share purchase agreement in this regard. Under this agreement, 9.9 percent stake of TTL will be sold to TPG Rise Climate for Rs 1,613.7 crore.
Equity value of TTL estimated at Rs 16,300 crore
Under this deal, the equity value of vehicle design company TTL has been estimated at Rs 16,300 crore. TPG Rise Climate has emerged as the lead investor for stake purchase.
Tata Motors holds 26.5 percent stake in TTL.
TTL is an Indian company that develops and manufactures batteries and other energy storage solutions for electric vehicles. Tata Motors holds 26.5 percent stake in TTL.
PG will continue to work with Rise Climate
Tata Motors said the deal is in line with the company’s efforts to shift its automobile business to electric vehicles. The company said it will continue to work with TPG Rise Climate to help TTL become a leading global energy storage company.
TPG Rise Climate is an investment firm
TPG Rise Climate is an investment firm that works to solve climate change. The firm has recently made several investments in the electric vehicle and energy storage sector.