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    500570   INE155A01022

TATA MOTORS LIMITED

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Tata Motors : JLR parent Tata Motors surges nearly 20% on TPG fundraise, EV plans

10/13/2021 | 12:35am EDT
FILE PHOTO: Tata Motors' electric sport-utility vehicle (SUV) Nexon EV is displayed during its launch in Mumbai

BENGALURU (Reuters) - Shares of India's Tata Motors rose nearly 20% on Wednesday, a day after the Jaguar and Land Rover owner raised funds from private equity firm TPG and said it would invest over $2 billion in its electric vehicle (EV) business over the next five years.

Tata Motors said on Tuesday TPG's Rise Climate Fund and Abu Dhabi state holding company ADQ had agreed to invest about $1 billion to expand the company's EV business for which it would form a separate unit.

The fundraising is the first major one by an Indian carmaker in the EV space when global automakers such as General Motors, Volkswagen and Toyota Motor are spending heavily to speed up EV adoption.

The move to set up a separate EV subsidiary and get funding from leading private equity players like TPG would give Tata Motors access to TPG's network of world-class EV capabilities to further fine-tune its strategy, Ambit Capital analysts said in a note.

India intends for EVs to make up 30% of total car sales by 2030 from less than 1% at present to reduce its oil dependence and cut pollution. To achieve the target, the government has launched several incentive schemes including one for setting up local battery manufacturing.

Large investments, more product options and favourable government policies will accelerate the pace of EV adoption in India, Emkay Global analysts said in a note.

Tata Motors is India's top electric car seller with sports utility vehicle Nexon and Tigor compact EV, and plans to launch 10 new electric models by 2025. But several companies, including India's top carmaker Maruti Suzuki, have yet to enter the space.

Tata's move also comes at a time when Tesla Inc, the world's biggest electric carmaker, is preparing to launch its cars in India.

Shares of Tata Motors have gained about 48% so far this month, hitting an over 4-1/2-year high on Wednesday. With a 168% year-to-date surge, the stock has outperformed the broader Nifty auto index, which has gained about 28%.

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Subhranshu Sahu)


© Reuters 2021
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Financials
Sales 2022 2 978 B 39 808 M 39 808 M
Net income 2022 17 514 M 234 M 234 M
Net Debt 2022 719 B 9 608 M 9 608 M
P/E ratio 2022 112x
Yield 2022 0,02%
Capitalization 1 735 B 23 187 M 23 201 M
EV / Sales 2022 0,82x
EV / Sales 2023 0,63x
Nbr of Employees 75 278
Free-Float 99,1%
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Number of Analysts 27
Last Close Price 487,05 INR
Average target price 454,04 INR
Spread / Average Target -6,78%
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Managers and Directors
Thomas Flack Co-President & Chief Purchasing Officer
Rajendra Petkar Co-President & Chief Technology Officer
Ravindra Kumar G.P Co-President & Chief Human Resources Officer
Pathamadai B. Balaji Group Chief Financial Officer
Natarajan Chandrasekaran Non-Executive Chairman
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