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Tata Motors incorporates Tata Passenger Electric Mobility Ltd. (TPEML), a wholly-owned subsidiary to manufacture electric vehicles. The Certificate of Incorporation was issued by the Ministry of Corporate Affairs.
TPEML will 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.
Tata Motors will hold 100% share capital in the new company. TPEML was incorporated with a share capital of Rs 700 crores.
“TPEML has been incorporated with an authorized capital of 70,00,00,000 equity shares of Rs 10/- each aggregating to Rs 700,00,00,000/-. The entire paid-up share capital will be held by TML,” Tata Motors said.
Recently, Tata Motors signed a Memorandum of Understanding (MoU) with the Government of Maharashtra, through the Industries, Energy and Labour Department, Government of Maharashtra, with an intent to support setting up a Registered Vehicle Scrapping Facility (RVSF) in Maharashtra.