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Tata to sell stake in EV business

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.

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