India's electric vehicle industry has been slow to take off, despite a push by the government to transition away from internal combustion engine cars to reduce pollution levels and dependence on costly fuel imports.
But the sector received a huge boost when US private equity firm TPG's Rise Climate Fund and Abu Dhabi holding company ADQ said on October 12 that they would inject $1 billion into Tata Motors' passenger electric vehicle business. TPG and ADQ will hold between an 11 per cent and 15 per cent stake in Tata's EV business, which will be spun out into a new unit that is valued at $9.1bn, Tata said.
The investment in Tata Motors, which represents the first major fundraising by an Indian car maker in the electric vehicle segment, is set to be a game changer for the company and the broader industry, analysts say.
“The TPG and Tata Motors deal may redefine India's auto landscape as investments of such magnitude indicate confidence about India's future EV potential,” Raghunandhan NL, a cars analyst at Mumbai-based Emkay Global Financial Services, says. “We believe that large investments and more product options will accelerate the pace of EV adoption.”
The Indian government aims to make 30 per cent of private cars on its roads be electric by 2030. Currently, however, less than 1 per cent of cars sold in the country are EVs.
Data from the Society of Manufacturers of EVs shows that 5,905 electric cars were sold in India in the last financial year to the end of March 2021. The low sales are due to factors including a lack of charging infrastructure and the high cost of vehicles compared with traditional cars. These hurdles and a subsequent lack of demand have also held back manufacturers.
Tata Motors, which is one of India's largest car makers and also owns Jaguar Land Rover, has the lion’s share of the country's electric car market, accounting for about 70 per cent of sales.
The TPG deal “definitely is a big boost not just for Tata Motors' future EV plans, but also for the Indian EV industry as a whole as this will encourage more investments into this sector – something that is required to decrease dependency on imports through local manufacturing and for the scalability of the EV ecosystem,” says Sarthak Shukla, founder and chief executive of eVolt India, an EV charging infrastructure company.
The sector is in a nascent stage in India and Tata has only two models of electric cars available on the market. There are very few options available in India in general, with Hyundai, Mercedes and MG among a handful of companies selling electric cars there. India's biggest car maker Maruti Suzuki has yet to enter the space.
Tesla, the world's largest electric vehicle manufacturer, is also eyeing India and set up a local subsidiary earlier this year. However, Elon Musk, the company's founder and chief executive, has said that he wants to test drive the market with imports of its cars before manufacturing.
The $1bn investment will put Tata in a position to ramp up growth and bolster its position as India's market leader in EVs, N Chandrasekaran, chairman of Tata Motors, said on October 12.
The aim is “to create a market-shaping electric passenger mobility business in India”, he added.
Through the deal, Tata and TPG will “leverage all existing investments and capabilities of Tata Motors”, the companies said.
The TPG and Tata Motors deal may redefine India's auto landscape as investments of such magnitude indicate confidence about India's future EV potential
Raghunandhan N L,
a vehicle analyst at Mumbai-based Emkay Global Financial Services
Tata says that it will invest more $2bn in its electric vehicle business over the next five years.
The plan is for the unit to create a portfolio of 10 EVs and to work on the “creation of a widespread charging infrastructure to facilitate rapid EV adoption in India” in conjunction with Tata Power, according to the statement. It is also aiming to focus on areas including developing automotive and battery technologies.
“Tata Motors can establish itself as a formidable player in the EV space in India,” Arun Agarwal, deputy vice president of fundamental research at Kotak Securities, says. “Tata Motors will aggressively launch new products in the EV space over the next five years and would be looking at leveraging its group companies to accelerate EV adoption.”
Harsh Patidar, an auto analyst at CapitalVia Global Research, says: “I believe the fundamentals of the company will change in a big way in the long term” due to the deal.
“Seeing these steps towards electric vehicles, Tata Motors is going through a major shift structural change,” he says.
Investors have been encouraged by the fundraising. Tata’s share price has rallied about 18 per cent since the announcement, while its stock has more than doubled this year.
This comes as India's car industry has been affected by the Covid-19 pandemic and a global semiconductor shortage. The sector was struggling before the pandemic due to weak economic conditions. Domestic passenger vehicle sales in India fell to 2.71 million in the 2020 financial year compared with 2.77 million in 2019 and 3.37 million in 2018, according to figures from the Society of Indian Automobile Manufacturers.
But Tata Motors is proving to be relatively resilient despite the challenges. Investment bank Morgan Stanley this month upgraded its rating on the car maker and said it expects the company's India business to post a full-year profit following eight years of losses.
The TPG deal bodes well for Tata's longer term outlook, analysts say.
“Tata Motors is a major commercial vehicle and passenger vehicle manufacturer and after this deal and the way Tata Motors is gearing up as self-reliant, it might change the whole scenario for the sector,” Mr Patidar says.
Industry insiders are also upbeat about Tata's plans because it aims to develop areas such as India's insufficient charging network.
India has just 1,300 public charging points, compared with about 950,000 in China, according to the Society of Manufacturers of Electric Vehicles.
“As more wide-scale adoption happens, India’s vast landscape of roads and highways will require a denser charging network than is there today [and this] can only be enabled by local manufacturing as developing a charging network is capital intensive and requires various forms of upfront investment,” Mr Shukla says.
“TPG's investment into Tata will also lead to the rise of local ancillary suppliers, which is also expected to help the overall ecosystem.”
Commenting on the deal, Jim Coulter, the managing partner TPG's Rise Climate Fund, said: “There is significant momentum around India’s EV movement, supported by the government’s vision and policies, as well as growing consumer demand for greener solutions.”
The Indian government is eager to grow the sector, particularly as it seeks to fulfil its promise of reducing its carbon footprint under the Paris climate agreement and given that the country has some of the world's most polluted cities.
These efforts include launching a $3.5bn incentive scheme last month to encourage manufacturing of EVs and their components. Currently, the major factor driving up the price of EVs is the cost of batteries because of a dependence on imports. But India is hopeful that it can expand its local manufacturing of components, including batteries.
“Favourable government policies and a further decline in battery prices can rapidly accelerate electrification in the passenger vehicle industry,” Mr Agarwal says.
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
READ MORE ABOUT CORONAVIRUS
MATCH INFO
Chelsea 1
Alonso (62')
Huddersfield Town 1
Depoitre (50')
UAE currency: the story behind the money in your pockets
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EPayal%20Kapadia%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Kani%20Kusruti%2C%20Divya%20Prabha%2C%20Chhaya%20Kadam%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Dubai Women's Tour teams
Agolico BMC
Andy Schleck Cycles-Immo Losch
Aromitalia Basso Bikes Vaiano
Cogeas Mettler Look
Doltcini-Van Eyck Sport
Hitec Products – Birk Sport
Kazakhstan National Team
Kuwait Cycling Team
Macogep Tornatech Girondins de Bordeaux
Minsk Cycling Club
Pannonia Regional Team (Fehérvár)
Team Auvergne-Rhône-Alpes
Team Ciclotel
UAE Women’s Team
Under 23 Kazakhstan Team
Wheel Divas Cycling Team
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Carzaty%2C%20now%20Kavak%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3ECarzaty%20launched%20in%202018%2C%20Kavak%20in%20the%20GCC%20launched%20in%202022%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20140%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Automotive%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3ECarzaty%20raised%20%246m%20in%20equity%20and%20%244m%20in%20debt%3B%20Kavak%20plans%20%24130m%20investment%20in%20the%20GCC%3C%2Fp%3E%0A
Getting there
The flights
Flydubai operates up to seven flights a week to Helsinki. Return fares to Helsinki from Dubai start from Dh1,545 in Economy and Dh7,560 in Business Class.
The stay
Golden Crown Igloos in Levi offer stays from Dh1,215 per person per night for a superior igloo; www.leviniglut.net
Panorama Hotel in Levi is conveniently located at the top of Levi fell, a short walk from the gondola. Stays start from Dh292 per night based on two people sharing; www. golevi.fi/en/accommodation/hotel-levi-panorama
Arctic Treehouse Hotel in Rovaniemi offers stays from Dh1,379 per night based on two people sharing; www.arctictreehousehotel.com
RESULTS
Cagliari 5-2 Fiorentina
Udinese 0-0 SPAL
Sampdoria 0-0 Atalanta
Lazio 4-2 Lecce
Parma 2-0 Roma
Juventus 1-0 AC Milan
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
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Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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Pupils in Abu Dhabi are learning the importance of being active, eating well and leading a healthy lifestyle now and throughout adulthood, thanks to a newly launched programme 'Healthy Lifestyle'.
As part of the Healthy Lifestyle programme, specially trained coaches from City Football Schools, along with Healthpoint physicians have visited schools throughout Abu Dhabi to give fun and interactive lessons on working out regularly, making the right food choices, getting enough sleep and staying hydrated, just like their favourite footballers.
Organised by Manchester City FC and Healthpoint, Manchester City FC’s regional healthcare partner and part of Mubadala’s healthcare network, the ‘Healthy Lifestyle’ programme will visit 15 schools, meeting around 1,000 youngsters over the next five months.
Designed to give pupils all the information they need to improve their diet and fitness habits at home, at school and as they grow up, coaches from City Football Schools will work alongside teachers to lead the youngsters through a series of fun, creative and educational classes as well as activities, including playing football and other games.
Dr Mai Ahmed Al Jaber, head of public health at Healthpoint, said: “The programme has different aspects - diet, exercise, sleep and mental well-being. By having a focus on each of those and delivering information in a way that children can absorb easily it can help to address childhood obesity."
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
If you go
Flying
Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
Gondwana Ecotours’ seven-day Polar Bear Adventure starts in Fairbanks in central Alaska before visiting Kaktovik and Utqiarvik on the North Slope. Polar bear viewing is highly likely in Kaktovik, with up to five two-hour boat tours included. Prices start from Dh11,500 per person, with all local flights, meals and accommodation included; gondwanaecotours.com
CREW
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Teaching in coronavirus times
Our Time Has Come
Alyssa Ayres, Oxford University Press
Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
UAE currency: the story behind the money in your pockets
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
The specs
Engine: 2x201bhp AC Permanent-magnetic electric
Transmission: n/a
Power: 402bhp
Torque: 659Nm
Price estimate: Dh200,000
On sale: Q3 2022
