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

India’s third largest maker of two-wheel vehicles is in talks with with global PE investors to raise up to $500 million for its EV unit, which has been valued at $4 billion


TVS Motor
TVS Motor is scouting for funds from pure financial investors and is not looking to onboard strategic investors. Photo: Reuters

 

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

 

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Kevin Hamlin

Kevin Hamlin is a financial journalist with more than 40 years of 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.

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