- Tata Launches Tata Passenger Electric Mobility Limited Subsidiary
- A new subsidiary has been started with a capital of Rs 700 crore.
- Established to manufacture, design, develop all types of EVs
Tata Launches Tata Passenger Electric Mobility Limited Subsidiary
Tata Motors (Tata Motors) on Wednesday launched a new subsidiary Tata Passenger Electric Mobility Limited (TPEML) with a capital of Rs 700 crore, which will make the company’s electric vehicles. With the launch of a brand new electric mobility subsidiary by the company, it can be inferred that Tata Motors is going to be very focused on the electric vehicle market in the coming times. The Tata Nexon EV and Tata Tigor EV are already present in the company’s portfolio, which is garnering tremendous love from the Indian public.
Tata Motors informed about the establishment of TPEML through a press release. Tata said in a regulatory filing that the Ministry of Corporate Affairs issued a certificate of incorporation for the same on December 21, 2021.
A new subsidiary has been started with a capital of Rs 700 crore.
“TPEML is incorporated for the manufacture, design, development of Electric Vehicles/Electric Mobility, Hybrid Electric Vehicles of all types and vehicles for carrying a passenger or other personnel,” Tata Motors said in a BSE filing. The company has added all types of electric vehicles in these categories. Tata Motors says that Tata Motors, the promoter of TPEML, will have 100 percent share capital in the EV unit. It has been started with an initial capital of Rs 700 crore.
Tata Motors has informed that TPEML has been incorporated with an authorized capital of 700 million equity shares at the rate of Rs 10 for each share, aggregating to Rs 7 billion.
Established to manufacture, design, develop all types of EVs
Apart from this, let us tell you that Tata Motors is planning to launch 10 new electric vehicles in the coming five years. As we mentioned, the company already has the Tata Nexon EV and the Tata Tigor EV, which are being well-liked in India. Not only this, but Tata Motors is also working rapidly to improve the EV infrastructure in India. For this, the company has taken the support of its other subsidiary, Tata Power Limited.