Tata Motors in a recent report said that it has incorporated Tata Passenger Electric Mobility Limited (TPEML) with an initial investment of Rs 700 crore that would help the company to manufacture more electric vehicles.
Tata Motors announced in a regulatory filing that the certificate of the recent incorporation with TPEML has been issued by the Ministry of Corporate Affairs on December 21, 2021. The company said that it will now hold 100% share capital in the electric vehicle manufacturing unit.
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Tata Motors said in a statement that, TPEML has been incorporated to manufacture, design, develop all kinds of services related to electric vehicles/electric mobility, hybrid electric vehicles of all kinds and all descriptions for carrying passengers or other personnel, whether propelled, moved, drawn or assisted by means of electricity, battery, solar energy, or any other power devices whatsoever; engines, motors, parts, components, accessories and related equipment thereof, as well as activities required for establishing and undertaking the assembly, manufacture, fabrication, sales, after sales services, marketing, promoting and/or servicing facilities.
The company further added that this incorporation has an authorised capital of 70,00,00,000 equity shares of Rs 10 each that makes a total of Rs 700,00,00,000. The entire paid-up share capital will be held by Tata Motors Limited.
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Tata Motors In October, 2021 announced a plan that to promote electric mobility in India the company will invest around USD 2 billion in its EV business in next five years after the announcement from the Indian automaker that it had increased its funds from the equity shares of TPG. As informed by the company, the Abu Dhabi state holding company ADQ and TPG's Rise Climate Fund agreed to make an investment of USD 1 billion for expanding the company's EV business. The company had also decided to form a separate unit.
Tata Motors shares were previously trading in BSE at Rs 470.50 compared to the previous year that was close to Rs 453.55. In over 15622 trades, the total shares traded were 1553516. It was noticed that the companys stock hit a high of Rs 471.90 and a low of Rs 458.55. The total turnover for the day was Rs 72.63 crore.
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