Tata motors are integrated with a new subsidiary, Tata Passenger Electric Mobility Limited (TPEML) for the manufacturing of electric motor vehicles. Tata Group will provide an initial investment of Rs 700 crore for the separate unit in the EV Business.
The certificate of Incorporation was issued on December 21, 2021, by the Ministry of Corporate Affairs. EV Business
“TPEML has been incorporated to manufacture, design, develop all kinds of service related to electric vehicles/electric mobility, hybrid electric vehicles of all descriptions for carrying passengers or other personnel, whether propelled, moved, drawn or assisted by means of electricity, battery, solar energy, or any other power devices whatsoever; engines, motors, parts, components, accessories and related equipment thereof, as well as activities required for establishing and undertaking the assembly, manufacture, fabrication, sales, after-sales services, marketing, promoting and/or servicing facilities,” Tata Motors said in a BSE filing.
The entire paid-up share capital will be held by TML. TPEML has an authorized capital of 70,00,00,000 equity with a face value of Rs 10.
In October 2021, Tata Motors unveiled its plan to invest over USD 2 billion in its electric vehicle (EV) business over the next 5 years.
Reference: economictimes.com