Tata Motors rose 2.51% to Rs 385.85 after a report said the auto major is seeking to buy Ford's units in Tamil Nadu and Gujarat states.
According to reports, Ford's manufacturing plants could help Tata Motors augment capacity as it focuses on eco-friendly vehicles.While Tata Motors has no manufacturing facility in Tamil Nadu, it has a plant in Gujarat, which is next to Ford's production unit, reports said.
Separately, the media reported that TPG is in advanced talks with the Tata group to invest $1 billion-$1.5 billion in its electric vehicle unit. The group is also in talks with several Middle East-based sovereign wealth funds (SWFs) such as Abu Dhabi Investment Authority and Saudi Arabia's PIF to come as anchor investors on the deal, the report added.
Tata Motors is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses. The auto major's consolidated net loss contracted to Rs 4,450.92 crore in Q1 FY22 as compared to a net loss of Rs 8,437.99 crore in Q1 FY21. Total revenue from operations soared 107.63% YoY to Rs 66,406.45 crore in Q1 FY22.
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