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Khaitan & Co has advised India’s Tata Motors on its 75 billion rupees ($1 billion) fundraise from private equity firm TPG’s Rise Climate Fund, which was represented by Shardul Amarchand Mangaldas and Cleary Gottlieb Steen & Hamilton.

Tata Motors will use the amount to expand its electric vehicle (EV) and to set up a separate EV subsidiary.

According to Reuters, TPG and ADQ would hold between 11 percent and 15 percent in the new EV entity, valuing it at about $9.1 billion.

India intends for EVs to make up 30 percent of total car sales by 2030 from less than 1 percent at present. To achieve its target the government has launched several incentive schemes including one for setting up local battery manufacturing.

The Khaitan team was led by Haigreve Khaitan, Zakir Merchant and Ashraya Rao.

 

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