India’s Tata Motors is in talks to raise $1 billion by selling a stake in its EV business – #Indias #Tata #Motors #talks #raise #billion #selling #stake #business
BENGALURU, Feb 23 (Reuters) – India’s car manufacturer Tata Motors (TAMO.NS) electric car (EV) through the sale of shares in the business 1 billion to the dollar funds started negotiations with sovereign funds and private equity investors to collect, Economic Times news gives Thursday, citing sources.
Newspaper the report added that the company plans to sell a significant minority stake and approx 10,5 billion dollars evaluates in value.
Funds and investors include UAE-based Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company, Saudi Arabia-headquartered Public Investment Fund, Singapore’s Temasek Holdings, KKR and General There are Atlantic companies.
Tata Motors and other companies did not immediately respond to Reuters’ request for comment.
KKR declined to comment, while Temasek said it did not comment on “market speculation and rumours”.
Tata Motors plans to use the bulk of the proceeds to retire some of its outstanding debt and inject a small portion into its EV business as equity capital, the report said.
Earlier this week, Uber Technologies ( UBER.N ) said it plans to introduce 25,000 EVs in India over three years, making it India’s largest electric car said that he will buy cars from Tata Motors, the manufacturer.
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Tata Motors has announced plans to expand its electric vehicle portfolio with new models and higher prices.
India’s car market is tiny compared to its population, with electric models accounting for just 1% of the roughly 3 million car sales a year. The Indian government wants to increase this to 30% by 2030.
In 2021, Tata Motors, TPG ( TPG.O ) and Abu Dhabi state holding company ADQ will acquire 9 for the EV division. billion dollars worth 1 billion dollars has raised and pledged to invest more than $2 billion in its electric car business over five years.
Reporting by Nishit Navin in Bengaluru; Edited by Janane Venkatraman
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2023-02-23 08:24:32
Source – reuters
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