Tata Group closes $ 160 million vehicle sale and financing arrangement with Uber

NEW DELHI: Cab aggregator Uber today closed a $ 160 million agreement vehicle sales and financing arrangement with the Tata Group.

Shardul Amarchand Mangaldas & Co (SAM & Co) advised Uber on vehicle purchase and financing agreements with Tata Motors Ltd, Tata Motors Financial Ltd and Tata Capital Ltd.

"The agreement is the first of its kind vehicle sale and financing arrangement," SAM & Co said in a statement.

Other advisors to the deal were Ernst & Young (Tax Advisers to Uber); AZB & Partners (Legal Advisor to Tata)

The deal was signed on 31 March 2016 and closed on June 16, 2016.