Tata Motors: In advanced stages to raise $1 billion for EV biz - Report

Tata Motors fund raising has attracted multiple private equity funds from the US, Middle East and Southeast Asia for for EV business.

Tata Motors is in advanced stages to raise $1 billion through a stock sale of its electric vehicle unit, the Times of India reported on Friday. The planned fund-raise will value Tata Motors’ electric vehicle (EV) unit at $8 billion, said the report.

It has attracted multiple private equity funds from the US, Middle East and Southeast Asia. TPG, California Public Employees’ Retirement System, Temasek, among others, have held discussions to lead or co-lead the financing exercise, the newspaper reported citing unnamed sources.

The Tata Group flagship has been building the EV business at a rapid pace to ride on