Indian carmaker Tata Motors announced a $1bn capital raise from private equity firm TPG and Abu Dhabi state holding company ADQ to grow the company’s electric vehicle (EV) business. As part of the deal, the Jaguar Land Rover parent will set up a separate subsidiary for the EV business called EvCo, of which TPG-ADQ will own 11-15% as per Business Standard. Tata Motors CFO said that the company will invest about $2bn in the EV space in the next five years. Tata Sons Chairman N Chandrasekaran said that they are planning a portfolio of 10 EVs and are committed to “playing a leading role in the government’s vision to have 30 per cent electric vehicles penetration rate by 2030.”

Tata Motors’ 5.75% bonds due 2024 were largely unchanged at 104.91 yielding 4.01% while JLR’s 4.5% 2027s traded 1 point higher to 97.225 yielding 5.05%.

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