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.
Read the full report: The Economic Times