India's TVS Motor Co Ltd is in talks with Abu Dhabi
Investment Authority (ADIA), Goldman Sachs Group Inc and Carlyle Group Inc for
an investment in its electric vehicle (EV) arm, the Economic Times reported on
Wednesday.
The $300 million to $350 million investment would value TVS
at about $3 billion to $3.5 billion, likely making it India's most valuable EV
two-wheeler manufacturer, ET said, citing people with knowledge of the matter.
Due diligence is currently underway, the report said.
TVS, ADIA, Goldman Sachs and Carlyle did not immediately
respond to Reuters' requests for comment.
TVS Motors, which makes the iQube e-scooter, had reported
its EV sales had nearly doubled in the October-December quarter.
The company has also tied up with Amazon.com Inc's India
unit to boost its EV business.
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