India's TVS Motor in Talks To Raise $500m For EV Unit: ET

India’s third largest manufacturer of two-wheelers, TVS Motor, is negotiating with a clutch of international private equity investors to raise up to $500 million for its electric vehicle subsidiary. The unit would be valued at around $4 billion, The Economic Times reported, quoting unidentified people from the company.

TVS, which hived off the EV business in the second half of October, said the move would give it “scale and flexibility” to expand the unit. The group is scouting for funds from pure financial investors and not looking for strategic investors, one of the sources told the newspaper.

Another Indian automaker, Tata Motors, raised $1 billion from TPG Capital in October for its EV business, which was valued at $9.1 billion.

Read the full report: The Economic Times

Tata Motors To Invest $2bn To Electrify EV Business: ToI

Tata Power Passes 1,000 EV Charging Stations Mark In India

India Accelerates Green Autos Drive With $3.5bn Clean Tech Incentive

Kevin Hamlin

Kevin Hamlin is a financial journalist with extensive experience covering Asia. Before joining Asia Financial, Kevin worked for Bloomberg News, spending 12 years as Senior China Economy Reporter in Beijing. Prior to that, he was Asia Bureau Chief of Institutional Investor for ten years.