Tata Motors has begun discussions with sovereign wealth funds and private equity investors such as UAE-based Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company, Saudi Arabia-headquartered Public Investment Fund (PIF), Singapore’s Temasek Holdings as well as KKR and General Atlantic to sell a significant minority stake in its EV division, said several people aware of the ongoing negotiations.
According to these people, Tata Motors plans to raise up to $1 billion through the equity sale and will use the bulk of proceeds to retire a part of its outstanding debt.
EV arm last valued at $9.1 billion
A small portion of the funds will be infused as primary equity in the EV business.
