Tata Motors and Jaguar Land Rover (JLR) are planning to manufacture electric vehicles (EVs) in India for global markets. This was disclosed by N Chandrasekaran, the chairman of Tata Sons.

What Happened: Chandrasekaran, in an interview with Autocar Professional, revealed that Tata Motors and JLR have finalised plans to produce EVs in India for international markets. This decision comes after years of exploring synergies between the two companies.

Two different models will be developed on JLR’s Electrified Modular Architecture (EMA) platform in India, one each from JLR and Tata Motors. Chandrasekaran also mentioned the Sanand plant in Gujarat, recently acquired from Ford Motors, as a potential export hub.

See Also: ‘Exit IRFC’ Advise Technical Analysts, Re-Enter At Better Value

Chandrasekaran hinted at “bigger aspirations” and said that Tata Motors will disclose more details about the export plans in the next 12 months. The first car to be produced at the Sanand plant based on the EMA platform will be Avinya, which is expected to be manufactured for global markets in addition to being sold in India.

The upcoming Tamil Nadu project, involving an investment of ₹9,000 crore, is expected to be a joint facility for Tata Motors and JLR, with announcements likely later this month.

Earlier today, the company informed about the sale of over a crore new ordinary shares of its stock. The sale was executed by TML Securities Trust for the purpose of distribution of fractional share entitlement and towards tax liabilities.

Earlier in the month, JP Morgan reiterated its "overweight" rating on Tata Motors with a target price of ₹1250, anticipating a potential re-rating of the stock over the medium term as the company's balance sheet strengthens and earnings per share volatility diminishes.

Read Next: Another Micro Cap Company Buys Swiggy Stake Amid IPO Buzz