The top five gainers on the BSE, all of them are Tata companies only – the top is Tata Motors DVR, followed by Tata Motors, Tata Chemicals, Tata Investment and Tata Power, going on to hit multi-year highs.
The reason for this sudden overwhelming love for Tata companies? The group plans to localize its EV supply chain with participation from all its units.
Tata Motors and TPG Capital signed a binding agreement wherein, TPG Rise Climate along with co-investor ADQ will invest $1 billion, which is around Rs.7500 crore in Tata Motors’ BEV business.
The transaction values Tata Motors BEV business between $6.7 and $9.1 billion.
The wholly-owned EV subsidiary, which the company calls EVCo, will undertake the passenger electric mobility business while the passenger business unit will own the existing assets like manufacturing plants, dealerships, and brands.