Tata Motors incorporates EV subsidiary Tata Passenger Electric Mobility Limited

Tata Motors Limited (TML) on Wednesday announced that it has incorporated a wholly-owned subsidiary, viz., Tata Passenger Electric Mobility Limited (TPEML), which will be involved in manufacturing electric motor vehicles. TPEML has been incorporated with an initial capital of Rs 700 crore.

The Ministry of Corporate Affairs has issued the certificate of incorporation for the same on December 21, 2021.

The subsidiary 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.

TPEML has been incorporated with an authorized capital of 70,00,00,000 equity shares of Rs 10 each aggregating to Rs 700 crore. The entire paid-up share capital will be held by Tata Motors Limited (TML).

Earlier in October 2021, Tata Motors had unveiled its plans to invest over $2 billion in its electric vehicle business over the next five years. The plan was announced after the automaker announced it had raised funds from private equity firm TPG.

TPG's Rise Climate Fund and Abu Dhabi state holding company ADQ had agreed to invest about $1 billion to expand the company's EV business for which it would form a separate unit, as informed by the auto manufacturer.