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Tata Motors is going big on electric vehicles with plans of investing as much as $2 billion in the new business over the next five years, a senior company executive told journalists.</p>
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&quot;The aim is to lead the EV charge in the market,&quot; Shailesh Chandra, head of Tata Motors passenger vehicles business told journalists.</p>
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Tata Motors said TPG&#39;s Rise Climate Fund and Abu Dhabi state holding company ADQ had agreed to invest about $1 billion to expand the company&#39;s EV business for which it would form a separate unit.</p>
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TPG and ADQ would hold between 11% and 15% in the new EV entity, valuing it at about $9.1 billion, Tata Motors said.</p>
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The unit will invest in new models, dedicated battery electric vehicle platforms, charging infrastructure and battery technologies.</p>
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&quot;The aim is to lead the EV charge in the market,&quot; said Shailesh Chandra, head of Tata Motors passenger vehicles business. The company will work with investors who are focused on a &quot;carbon free world,&quot; he added.</p>
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