Tata Motors Ltd has entered into share purchase agreements to sell 9.9 per cent stake in Tata Technologies Ltd (TTL) for an aggregate consideration of ₹1,613.7 crore. TPG Rise Climate is the lead investor for this transaction, which ascribes an equity valuation of ₹16,300 crore ($2.0 billion) for TTL.
TTL is a engineering services company offering product development and digitalsolutions to global original equipment manufacturers.
TPG Rise Climate is the dedicated climate investment arm of TPG’s $18-billion global impact investing platform. This transaction furthers TML’s de-leveraging agenda, and is expected to be closed in the next two weeks on completion of customary closing procedures.
TPG Rise Climate had earlier invested $1 billion in Tata Passenger Electric Mobility Limited.
