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.
KKR declined to comment while Temasek said it does not
comment on "market speculation and rumours". Tata Motors plans to use
the bulk of the proceeds to retire a part of its outstanding debt and infuse a
small portion as primary equity in the EV business, the report said.
Earlier this week, Uber Technologies said it plans to
introduce 25,000 EVs over three years in India and will buy vehicles from Tata
Motors, India's biggest electric carmaker.
Tata Motors has outlined plans to expand its electric car
portfolio with new models and higher price points.
India's car market is tiny compared to its population, with
electric models making up just 1 percent of total car sales of about 3 million
a year. The Indian government wants to grow this to 30 percent by 2030.
In 2021, Tata Motors raised $1 billion from TPG and Abu
Dhabi state holding company ADQ for its EV unit at a $9 billion valuation,
pledging to invest more than $2 billion in its EV business over five years. © Reuters
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