TPG Rise Climate’ $1 Billion Investment in Tata Motors

Khaitan & Co advised Tata Motors, while Cleary Gottlieb represented TPG Rise Climate on the deal. Shardul Amarchand Mangaldas advised India Markets Rio Pte. Ltd.

Tata Motors Ltd (TML) and TPG Rise Climate signed a binding agreement whereby TPG Rise Climate along with its co-investor ADQ, shall invest in a subsidiary of Tata Motors that will be newly incorporated. 

TPG Rise Climate along with co-investors will invest INR 7,500 Crore in compulsory convertible instruments to secure between 11% to 15% stake in Tata Passenger Electric Mobility, translating to an equity valuation of up to USD 9.1 billion.

TPG Rise Climate is the climate investing strategy of TPG’s global impact investing platform TPG Rise. Headquartered in San Francisco, TPG Rise Climate was founded in 2016 and has $5 billion under management. It primarily invests in companies with an environmental and social focus.

Tata Motors Group (Tata Motors) is a leading global automobile manufacturing company. Its diverse portfolio includes an extensive range of cars, sports utility vehicles, trucks, buses and defense vehicles. 

This deal was led by Partners Haigreve Khaitan (Picture), Zakir Merchant, Ashraya Rao, Vidur Sinha (Principal Associate) and Purti Minawala (Principal Associate), Shashank Patil (Principal Associate) and Lipi Rawat (Senior Associate).

The Cleary team included partners Michael Preston and Michael James and associate Philip Herbst in London.  Associates Gareth Kristensen and Emma Warren in London provided intellectual property advice, and partner Meyer Fedida and associate Hannah Littman in New York provided tax advice.  Senior attorney James Corsiglia in New York and associate William Dawley in Washington, D.C. advised on compliance matters.  The funds team comprised partners Maurice Gindi and Jamal Fulton in New York.

The Shardul Amarchand Mangaldas 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.

Involved fees earner: James Corsiglia – Cleary Gottlieb Steen & Hamilton; William Dawley – Cleary Gottlieb Steen & Hamilton; Meyer Fedida – Cleary Gottlieb Steen & Hamilton; Jamal Fulton – Cleary Gottlieb Steen & Hamilton; Maurice Gindi – Cleary Gottlieb Steen & Hamilton; Philip Herbst – Cleary Gottlieb Steen & Hamilton; Michael James – Cleary Gottlieb Steen & Hamilton; Gareth Kristensen – Cleary Gottlieb Steen & Hamilton; Hannah Littman – Cleary Gottlieb Steen & Hamilton; Michael Preston – Cleary Gottlieb Steen & Hamilton; Emma Warren – Cleary Gottlieb Steen & Hamilton; Haigreve Khaitan – Khaitan & Co.; Zakir Merchant – Khaitan & Co.; Purti Minawala – Khaitan & Co.; Shashank Patil – Khaitan & Co.; Ashraya Rao – Khaitan & Co.; Lipi Rawat – Khaitan & Co.; Vidur Sinha – Khaitan & Co.; Ashid Basheer – Shardul Amarchand & Mangaldas & Co.; Mukul Baveja – Shardul Amarchand & Mangaldas & Co.; Iqbal Khan – Shardul Amarchand & Mangaldas & Co.; Aparna Mehra – Shardul Amarchand & Mangaldas & Co.; Devika Menon – Shardul Amarchand & Mangaldas & Co.; Soumee Saha – Shardul Amarchand & Mangaldas & Co.; Tarini Sardesai – Shardul Amarchand & Mangaldas & Co.; Rahul Shukla – Shardul Amarchand & Mangaldas & Co.; Rishab Gupta – Shardul Amarchand Mangaldas & Co; Tanavi Mohanty – Shardul Amarchand Mangaldas & Co; Ritesh Puri – Shardul Amarchand Mangaldas & Co; Raghavi Raj – Shardul Amarchand Mangaldas & Co; Anushka Shah – Shardul Amarchand Mangaldas & Co; Nawneet Vibhaw – Shardul Amarchand Mangaldas & Co;

Law Firms: Cleary Gottlieb Steen & Hamilton; Khaitan & Co.; Shardul Amarchand & Mangaldas & Co.; Shardul Amarchand Mangaldas & Co;

Clients: India Markets Rio Pte. Ltd.; Tata Motors; TPG Rise Climate;