India's Tata Motors nabs $1 billion for EV plans

• The two funds are investing $1 billion in a new Tata EV unit and will hold an 11%-15% equity stake at a valuation of $9.1 billion.

Why it matters: It's the "first major fundraising by an Indian carmaker to push clean mobility," Reuters reports.

• The story, quoting a top Tata exec, says the company is planning to invest $2 billion overall over the next five years.
• It's also among the first investments from private equity giant TPG's climate fund, which in July said it raised $5.4 billion in its opening round and has major corporate backers.