Tata Motors, the country's leading automaker, on Wednesday released information that the company has inducted (Tata Passenger Electric Mobility Limited) (TPEML), a wholly owned subsidiary with an initial capital of Rs 700 crore, which is set to join the manufacture of electric motor vehicles. The company has said in a regulatory filing that the Ministry of Company Affairs has also issued incorporation certificates on December 21, 2021.
Tata Motors has said in the BSE filing, "TPEML has been included for construction, design, development of all details for carrying electric vehicles/electric mobility, all types of hybrid electric vehicles and passengers or other personnel, whether they are operated, transferred, pulled or assisted, power, Whatever the battery, solar energy, or any other electrical equipment; Engines, motors, parts, components, accessories and related equipment, as well as assembly, construction, construction, sales, post-sales services, setting up and undertaking activities required for undertaking, marketing, promotion and/or marketing, etc. Or servicing facilities.
According to the automaker, TPEML promoter Tata Motors will have 100 per cent shared capital in the EV unit. It has been included with an initial capital of Rs.700 crores. Tata Motors has said, "TPEML has been included with the authorized capital of 70 crore equity shares at the rate of Rs 10 per share, which is rs 7 billion in total. The entire paid-up share capital will be with the TML. "
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