Tata subsidiary likely to invest $1 billion in battery units in first year.

Agratas Energy Storage Solutions, a subsidiary of Tata Sons, plans to invest up to $1 billion in the first year to set up two battery giga-factories in the United Kingdom (UK) and Gujarat, industry sources said.

Apart from getting sops from both the governments, Agratas may raise funds from London-based banks and its promoter Tata Sons. The key selling point of the company while raising funds would be guaranteed sales to its anchor customers, Jaguar Land Rover (JLR) and Tata Motors.

BS