Tata Motors announced that it received Rs 3,750 crore from TPG Rise Climate as the first tranche towards the latter's Rs 7,500 crore investment in the electric vehicle (EV) business.

Last October, the firm revealed that TPG Rise Climate, with its co-investor ADQ, would invest Rs 7,500 crore in compulsory convertible instruments to acquire between 11% to 15% stake in its EV business.

For this, Tata Passenger Electric Mobility Limited has been formed as a new subsidiary.

By financial year (FY) 2026, Tata Motors would increase its focus on the EVs sector, including the launch of seven new EVs.

With these launches, Tata Motors expects to generate 20% of its overall PV sales from EVs against 3% now.

Tata Motors Ltd is a multinational automotive manufacturing company in India and a part of the Tata Group.

The firm manufactures trucks, vans, coaches, luxury and sports cars, and construction equipment as well.

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Also read: Tata Motors plans to invest Rs 15,000 cr in EV market in 5 years