Khaitan & Co. acted as legal counsel to Tata Motors for the transaction documents and structuring (including drafting, negotiating, finalising the transaction documents) and general legal advisory.
Agreement happened between Tata Motors and TPG Rise Climate where TPG Rise Climate shall invest in a subsidiary of Tata Motors to be incorporated. TPG Rise Climate along with coinvestors, ADQ, shall invest Rs 7,500 Cr to secure between 11% to 15% stake in Tata Passenger Electric Mobility, translating to an equity valuation of approx. $9.1 bn.

Part of the USD 109 billion Tata group, Tata Motors Limited, a USD 34 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses, offering extensive range of integrated, smart and e-mobility solutions. With ‘Connecting Aspirations’ at the core of its brand promise, Tata Motors is India’s market leader in commercial vehicles and amongst the top three in the passenger vehicles market.

The core transaction team comprised of Haigreve Khaitan (Partner), Zakir Merchant (Partner), Ashraya Rao (Partner), Vidur Sinha (Principal Associate) and Purti Minawala (Principal Associate). The core transaction team was assisted by Lipi Rawat (Senior Associate) on matters of corporate governance.

Total consideration of the deal was for INR 7,500 Crores (in tranches).