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Tata Motors has shelved its intention to seek more funding for its electric vehicle business, Tata Passenger Electric Mobility (TPEM).
Speaking with reporters, a senior representative of the manufacturer based in Mumbai said that the company's electric passenger car division has recently achieved break-even and is expected to reach EBITDA-positive status after it receives revenues from the government's Production Linked Incentive (PLI).
“Right now, there is no plan for raising capital (in our EV arm). It is a complete requirement of what (amount of) the money that we require. Do we require it now and at what valuation will you be able to get it if you go to market? Currently, I don't think the market is conducive to any kind of fundraising. So, we're not even looking at it. If and when we consider it, we will think about it,” said PB Balaji, CFO, Tata Motors, at a Q3 FY 24 results media conference call.
In 2021, Tata Motors announced a plan to raise $2 billion to fund its EV business. Out of the earmarked amount, the company has raised $1 billion from TPG Rise Climate for an 11-15% stake in its EV wing, at a valuation of roughly $9.1 billion. While the first tranche of the investment was received in March 2022, the second round of funding was closed in January 2023.
When queried about additional capital raising plans, Balaji said, “We had said that our total outlay for the EV business would be close to $2 billion, of which a billion has come from the first fundraising. So that'll again generate the funds needed for continuing investments there.”
Tata Motors on February 2 reported a two-fold jump in its consolidated net profit at ₹7,025 crore for the October-December quarter from ₹2,957.71 crore a year ago. Its revenue surged 24.9% on-year to ₹110,577 crore as against ₹88,489 crore in the same period last year, Tata Motors said in an exchange filing.
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