Tata Motors Limited (TML) has announced that it has established a wholly-owned subsidiary, namely, Tata Passenger Electric Mobility Limited (TPEML), specially dedicated to electric vehicles. The Ministry of Corporate Affairs issued the Certificate of Incorporation in regard to this purpose on December 21, 2021.
TATA’s electric vehicle arm was founded with an Rs700 million authorised capital of 70 crore equity shares of Rs10 each. TML will hold the entire paid-up share capital. Tata Passenger Electric Mobility, a wholly-owned subsidiary of Tata Motors, is the promoter. TML would own 100% of TPEML’s share capital after the allocation of shares by TPEML.
Tata Motors Ltd stock opened at an inched up price of Rs 476 apiece on the NSE, up Rs5.5 each share from its previous close of Rs 470.50 per piece.
“TPEML has been incorporated to manufacture, design, develop all kinds of services related to electric vehicles/electric mobility, hybrid electric vehicles of all kinds and all descriptions for carrying passengers or other personnel, whether propelled, moved, drawn or assisted by means of electricity, battery, solar energy, or any other power devices whatsoever; engines, motors, parts, components, accessories and related equipment thereof, as well as activities required for establishing and undertaking the assembly, manufacture, fabrication, sales, after-sales services, marketing, promoting and/or servicing facilities,” the company said in a filing on Wednesday.