Tata Motors, which will be the promotor of Tata Passenger Electric Mobility (TPEML), would hold 100% share capital in the EV unit. TPEML has been incorporated with the initial capital of ₹700 crore, the Tata Group’s auto unit announced in an exchange filing.

“TPEML has been incorporated with authorized capital of 70,00,00,000 equity shares of ₹10/- each aggregating to ₹700,00,00,000/-. The entire paid-up share capital will be held by TML,” Tata Motors added.

In October this year, Tata Motors had unveiled its plans to invest over $2 billion in its electric vehicle (EV) business over the next five years after the Indian automaker announced it had raised funds from private equity firm TPG. 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, as informed by the auto manufacturer.