Tata Motors has established a wholly-owned subsidiary, viz., Tata Passenger Electric Mobility (TPEML), with an initial capital of Rs 700 crore.
As per the company's press statement, Tata Passenger Electric Mobility (TPEML) has been incorporated to "manufacture, design, develop all kinds of services related to electric vehicles/ electric mobility, hybrid electric vehicles of all kinds and 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 (TML) is the promotor of TPEML. Upon allotment of shares by TPEML, TML would own 100% share capital of TPEML.
On a consolidated basis, Tata Motors' net loss stood at Rs 4,476.61 crore in Q2 FY22 as against net loss of Rs 343.28 crore in Q2 FY21. Net sales grew 14.4% to Rs 60,435.92 crore in Q2 FY22 over Q2 FY21.
Shares of Tata Motors rose 0.63% to Rs 473.45 on BSE. Tata Motors, part of the Tata group, is a global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses.
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