Tata Motors in talks to raise $1 bn via stake sale in EV business: Report

Indian carmaker Tata Motors has begun talks with sovereign wealth funds and private equity investors to raise up to $1 billion via a stake sale in its electric vehicle (EV) business, Economic Times reported on Thursday, citing sources.

The company plans to sell a significant minority stake, the newspaper report added, eyeing a valuation of about $10.5 billion.

The funds and investors include the UAE-based Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company, the Saudi Arabia-headquartered Public Investment Fund, Singapore’s Temasek Holdings, and KKR and General Atlantic.

Tata Motors and some of the companies did not immediately respond to Reuters’ request for comment.