Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Tata Motors acquires majority stake in Norwegian co
BackBack

Tata Motors acquires majority stake in Norwegian co

Tata Motors acquires majority stake in Norwegian co

Premium

PTI

New Delhi: Auto manufacturer Tata Motors today said it has acquired majority stake in Norwegian innovative solutions maker for electric vehicles Miljo Grenland Innovasjon, with which it is developing the electric Indica in the country.

The company’s UK subsidiary Tata Motors European Technical Centre Plc has acquired 50.3% holding in Miljo for 12 million krone (Rs9.40 crores), Tata Motors said in a statement.

“Miljo 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," the company said.

The investment would help it realise its strategy to develop convenient, affordable and sustainable mobility solutions through electric and hybrid vehicles, it added.

The first such vehicle to be developed by the company would be the electric version of Indica. It is scheduled for launch in Europe next year.

The car - Indica EV - would be capable of carrying four people with a predicted range of up to 200 km and acceleration of 0-60 kmph in under 10 seconds.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 14 Oct 2008, 03:30 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App