Indian carmaker Tata Motors is looking to raise up to $1 billion through the sale of a stake in its electric vehicle business and has opened discussions with a number of sovereign wealth funds and private equity investors over a potential deal, according to a report by the Economic Times.
Indian carmaker Tata Motors is looking to raise up to $1 billion through the sale of a stake in its electric vehicle (EV) business and has opened discussions with a number of sovereign wealth funds and private equity investors over a potential deal, according to a report by the Economic Times.
The report cites unnamed sources as revealing that the funds and investors involved include UAE-based Abu Dhabi Investment Authority (ADAI) and Mubadala Investment Corp, as well as Saudi Arabia’s Public Investment Fund (PIF), KKR and General Atlantic.
The company is reportedly planning to sell a significant minority stake, and is eyeing a valuation of about $10.5 billion.
Tata Motors raised $1 billion from TPG (TPG.O) and Abu Dhabi state holding company ADQ for its EV unit in 2021 at a $9 billion valuation.
