Shardul Amarchand Mangaldas & Co. advises India Markets Rio Pte. Ltd. to acquire 11% – 15% stakes in the passenger electric mobility business of Tata Motors Limited

October 27, 2021

Shardul Amarchand Mangaldas & Co. advised India Markets Rio Pte. Ltd. (an entity affiliated with TPG Rise Climate, the climate investing strategy of TPG’s global impact investing platform TPG Rise) (“TPG Rise Climate”) to enter into a binding agreement to acquire 11% – 15% stake translating to an equity valuation of up to US$ 9.1 billion, in a proposed subsidiary (“TML EVCo.”) of Tata Motors Limited (“Tata Motors”), for an aggregate investment of INR 7,500 crores. TML EVCo. will undertake the passenger electric mobility business.

This is one of the largest private equity transactions in the electric vehicles sector.

The transaction team was led by Iqbal Khan, Partner; Ambarish, Partner; Devika Menon, Senior Associate.

The due diligence team was led by Iqbal Khan, Partner; Ambarish, Partner; Tanavi Mohanty, Principal Associate; Ashid Basheer, Senior Associate; Tarini Sardesai, Associate; Subbalaxmi, Associate; Soumee Saha, Associate; Anushka Shah, Associate; Raghavi Raj, Associate. The competition team was led by Aparna Mehra, Partner; Rahul Shukla, Senior Associate; Ritesh Puri, Associate. Arbitration was led by Rishab Gupta, Partner. IP was Mukul Baveja, Partner and Environmental Matters was led by Nawneet Vibhaw, Partner.

Cleary Gottlieb Steen & Hamilton LLP and PWC advised TPG Rise Climate on international legal aspects and tax aspects, respectively. Khaitan & Co advised Tata Motors.