Tata Motors in talks to raise $1-B for EV unit at $7-B valuation

Vehicle maker Tata Motors Ltd is in talks with bulge bracket buyout funds to raise USD 1 billion for its new electric vehicles (EV) division, valuing the business at nearly USD 7 billion. Tata Motors, which got shareholders' approval to separate its passenger vehicle business in March, is in the process of transferring the EV portfolio into a step-down subsidiary in which the proposed investment will be raised. The firm is reported to be in talks with Blackstone Group, TPG Capital and KKR & Co, among others. It is also in talks with several global investment banks for hiring an advisor.