14 October, 2008
Tata Motors’ UK subsidiary, Tata Motors European Technical Centre plc, has acquired a 50.3% holding, at an acquisition cost of Kroner 12 million (Rs.9.40 crores), in MiljÃ¸ Grenland/Innovasjon, Norway, which specialises in the development of innovative solutions for electric vehicles. The balance of shares will be retained by the existing shareholders who will continue to be associated with the venture.
Milj¸ will produce electric vehicles based on Tata Motors’ products, besides manufacturing of state-of-the-art super polymer lithium ion batteries and the development of related technologies. Tata Motors believes that this investment in Miljo will help the company realise its strategy to develop convenient, affordable and sustainable mobility solutions through electric and hybrid vehicles.
The first such vehicle to be developed by the company will be the Indica EV. It is scheduled for launch in Europe during 2009. Unlike existing electric vehicles, Indica EV will be a more practicable option for the consumer: capable of carrying 4 people, adequate luggage space, with a predicted range of up to 200 km and acceleration of 0-60 kmph in under 10 seconds. As in the Nano, Tata Motors continues its innovative approach with Indica EV too, using super polymer lithium ion batteries which will have superior energy density compared to the current best-in-class electric vehicles.
About Tata Motors
Tata Motors is India’s largest automobile company, with revenues of US$ 8.8 billion in 2007-08. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand and Spain. Among them is Jaguar Land Rover, a business comprising the two iconic British brands. It also has a strategic alliance with Fiat. With over 4 million Tata vehicles plying in India, Tata Motors is the country’s market leader in commercial vehicles and among the top three in passenger vehicles. It is also the world’s fourth largest truck manufacturer and the second largest bus manufacturer. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia and South America.