Tata Motors acquires majority stake in Norwegian firmOctober 14th, 2008 - 6:18 pm ICT by IANS
New Delhi, Oct 14 (IANS) Tata Motors Tuesday said its UK subsidiary Tata Motors European Technical Centre Plc has acquired majority stake in Norwegian electric vehicle firm Miljo Grenland Innovasjon, with which it is developing the electric car Indica in the country.The company has acquired 50.3 percent holding in Miljo for 12 million krone (Rs.20 million), a company statement said.
“Miljo will produce electric vehicles based on Tata Motors’ products, besides manufacturing state-of-the-art super polymer lithium ion batteries and the development of related technologies,” it said.
The investment would help Tata Motors 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 60 km per hour in less than 10 seconds.
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