Workers install the electric motor inside a Tata Nexon electric sport utility vehicle at the Tata Motors plant in Pune, India, April 7, 2022. REUTERS/Francis Mascarenhashas begun talks with sovereign wealth funds and private equity investors to raise up to $1 billion via a stake sale in its electric vehicle business, Economic Times reported on Thursday, citing sources., the newspaper report added, eyeing a valuation of about $10.5 billion.
The funds and investors include the UAE-based Abu Dhabi Investment Authority and Mubadala Investment Company, the Saudi Arabia-headquartered Public Investment Fund, Singapore's Temasek Holdings, and KKR and General Atlantic.KKR declined to comment while Temasek said it does not comment on "market speculation and rumours".
Tata Motors plans to use the bulk of the proceeds to retire a part of its outstanding debt and infuse a small portion as primary equity in the EV business, the report said.said it plans to introduce 25,000 EVs over three years in India and will buy vehicles from Tata Motors, India's biggest electric carmaker.