Tata Motors acquires 50.3% stake in Norway’s Miljø Grenland
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 Miljø 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.
Miljø 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.
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