Tata Motors said on Friday that one of the biggest sources of funds for its electric vehicle (EV) business would be the Production Linked Incentive (PLI) scheme benefits. The company further clarified that there were no plans for immediate capital raise for the EV business.
PLI scheme provides financial incentives to boost domestic manufacturing of advanced automotive technology products including electric vehicles and their components.
“The total outlay is about $2 billion for the EV business. Of this, the first $1 billion has come from the first fund-raise where TPG Capital also participated.
