TPEML will be involved in the manufacturing, design and development of EVs and hybrid electric vehicles.
Tata Motors has incorporated a wholly-owned subsidiary, Tata Passenger Electric Mobility Limited (TPEML), which will handle its electric vehicle business, including the manufacturing of EVs.
According to the company, TPEML has been incorporated with an initial capital of Rs. 700 crore. The subsidiary will be involved in the manufacturing, design and development of all kinds of services related to EVs and hybrid electric vehicles.
Earlier this year, Tata Motors had announced that it would set up a new EV subsidiary with investments from TPG Rise Climate and ADQ. It would launch 10 new EVs over the next 5 years. The company would also collaborate with Tata Power Ltd. to set up charging infrastructure to facilitate rapid EV adoption in India.
Source: ET Auto
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