The wholly-owned EV company has been formed with an initial investment of Rs 700 crore and will be responsible for manufacturing electric vehicles for the automaker
Domestic auto giant Tata Motors has announced that it will be forming a seperate subsidiary for its electric vehicle business which will be called Tata Passenger Electric Mobility Limited (TPEML).
The wholly-owned EV company has been formed with an initial investment of Rs 700 crore and will be responsible for manufacturing electric vehicles for the automaker.
The Ministry of Corporate Affairs issued the certificate of incorporation for it on December 21, 2021, the company said in a regulatory filing.
“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,” Tata Motors said in a BSE filing.
In October this year, Tata Motors unveiled its plans to invest over USD 2 billion in its electric vehicle (EV) business over the next five years after the Indian automaker announced it had raised funds from private equity firm TPG.
Tata’s move comes in line with Mahindra Electric, which oversees the electric vehicle operations of Mahindra & Mahindra group. Luxury car manufacturers such as Mercedes-Benz and BMW too have their own dedicated electric vehicle divisions EQ and i-Division respectively.