Tata Motors' UK arm buys 50.3 pct of Norwegian firm

New Delhi, Oct 14 (UNI) Tata Motors today said it has acquired majority stake in Norwegian innovative solutions maker for electric vehicles Miljo Grenland Innovasjon, with which the company is developing the electric version of 'Indica'.

The company's UK subsidiary Tata Motors European Technical Centre Plc has acquired 50.3 per cent holding in Miljo for 12 million krone (Rs 9.40 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 which is scheduled for launch in Europe next year.

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

However, the balance stake in the Norwegian firm will be retained by the existing shareholders, it said.

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