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Tata Motors UK Buys 50.3% Stake In Nordic Co For Rs 9.4 Cr

Posted on October 15, 2008

Tata Motors European Technical Centre plc (TMETC), a Tata Motors' UK subsidiary, has bought a 50.3% stake in Norway based Milj Grenland/Innovasjon, for Rs 9.40 crore (Kroner 12 million).Milj will launch its first electric vehicle Indica EV in European markets in 2009 and a year later in India, to be followed by other similar offerings, besides manufacturing of state-of-the-art super polymer lithium ion batteries and the development of related technologies. Toronto based Electrovaya will be the technology partner, which will receive equity in Miljo, a technology license fee and a r...

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