Tata Motors sells 9.9% stake in Tata Tech
‘Tata Motors and TPG Rise Climate SF Pte. Ltd, a climate focused private equity fund, has entered into a share purchase agreement on October 13, 2023’, said Tata Motors in a stock exchange filing.
NEW DELHI: Home-grown auto major Tata Motors on Friday said it will sell its 9.9% stake in IPO-bound Tata Technologies for 1,613.7 crore to TPG Rise Climate and an endowment trust belonging to Tata Trusts Chairman Ratan Tata for an equity valuation of 16,300 crore ($2 billion).
“Tata Motors Limited and TPG Rise Climate SF Pte. Ltd, a climate focused private equity fund, has entered into a share purchase agreement on October 13, 2023, for purchasing 9% stake in Tata Technologies. Tata Motors and Ratan Tata Endowment Foundation, a Section 8 company, has entered into a share Purchase Agreement on October 13, 2023, for purchasing 0.9% stake in Tata Technologies,” said Tata Motors in a stock exchange filing.
TPG Rise Climate is the dedicated climate investing arm ot TPG’s $18 billion global impact investing plattorm. TPG Rise Climate had earlier invested $1 billion in Tata Passenger Electric Mobility Limited and is a strategic partner in TML’s journey to create a market-shaping electric passenger mobility business in India.
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