Tata Motors informed about the establishment of TPEML through a press release. Tata said in a regulatory filing that the Ministry of Corporate Affairs issued a certificate of incorporation for the same on December 21, 2021.
“TPEML is incorporated for the manufacture, design, development of Electric Vehicles/Electric Mobility, Hybrid Electric Vehicles of all types and vehicles for carrying passenger or other personnel,” Tata Motors said in a BSE filing. The company has added all types of electric vehicles in these categories. Tata Motors says that Tata Motors, the promoter of TPEML, will have 100 per cent share capital in the EV unit. It has been started with an initial capital of Rs 700 crore.
Tata Motors has informed that TPEML has been incorporated with an authorized capital of 700 million equity shares at the rate of Rs 10 each share, aggregating to Rs 7 billion.
Apart from this, let us tell you that Tata Motors is planning to launch 10 new electric vehicles in the coming five years. As we mentioned, the company already has the Tata Nexon EV and the Tata Tigor EV, which are being well-liked in India. Not only this, Tata Motors is also working fast to improve the EV infrastructure in India. For this, the company has taken the support of its another subsidiary, Tata Power Limited.