Tata Motors Limited (TML) has entered into share purchase agreements to sell 9.9% stake in Tata Technologies Ltd (TTL)for an aggregate consideration of Rs 1,613.7 crore. TPG Rise Climate is the lead investor for this transaction, which ascribes an equity valuation of Rs 16,300 crore (US $ 2.0billion) for TTL.
TTL, a subsidiary of TML, is a leading global engineering services company offering product development and digital solutions to global original equipment manufacturers. TTL has deep domain expertise in the automotive industry and leverages this expertise to serve clients in adjacent industries, such as in aerospace, transportation and construction heavy machinery. TTL’s deep manufacturing domain knowledge and globally distributed service delivery capability helps it deliver value-added services to its clients.
TPG Rise Climate is the dedicated climate investing arm of TPG’s $18 billion global impact investing platform. The fund focuses on five climate sub-sectors: energy transition, green mobility, sustainable fuels, sustainable molecules, and carbon solutions.
This transaction furthers TML’s de-leveraging agenda and is expected to close in the next two weeks on completion of customary closing procedures.
Marelli, a global mobility technology supplier to the automotive sector, announces the launch of its new generation Port Fuel Injection Engine Control Units (PFI ECUs) dedicated to gasoline, flex fuel...
Chiltier, a wearable climate technology company, has announced the launch of its much-anticipated Hydro Vest, a thermoelectric personal cooling and heating system. The vest has been designed to help u...
Apollo Tyres Ltd has formally inaugurated its state-of-the-art dedicated outdoor tyre testing facility at Ivalo, Finland. The setting up of this facility was announced few months back and it became fu...