October 14, 2008
TMETC acquires 50.3 per cent stake in Norway’s Miljo Grenland/Innovasjon; to launch first electric vehicle, Indica EV, in 2009
Mumbai: Tata Motors’ UK subsidiary, Tata Motors European Technical Centre plc, has acquired a 50.3 per cent holding, at an acquisition cost of Kroner 12 million (Rs9.40 crore), in Miljøbil 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.
Miljøbil 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 Miljøbil 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 four people, adequate luggage space, with a predicted range of up to 200km 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.