Tata Motors to raise $1bn to push EV play

Tata Motors is in advanced stages to raise $1 billion through a stock sale of its electric vehicle unit as it accelerates transition to plug-in cars. The proposed fund-raise will value Tata Motors’ electric vehicle unit at $8 billion and has attracted multiple private equity funds from the US, Middle East and Southeast Asia. TPG, California Public Employees’ Retirement System, Temasek, among others, have held conversations to lead or co-lead the financing exercise, sources told TOI.

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