Tata Motors may raise $1b in the Electric Vehicles segment
Tata Motors is a leading automobile manufacturer. It covers a wide range of cars, SUVs, buses, trucks, pickups, and defense vehicles. On Friday, the company has joined with the Gujarat government to support the setting up of a vehicle scrapping facility in Ahmedabad. It also plans to raise $1 billion in the electric vehicle segment.
In March, the company received a shareholder’s approval to separate its passenger vehicle business. Now, it is in the process of transferring the EV portfolio into a step-down arm.
However, the fundraising plans are at an early stage. Further, the company looking to hire an adviser and is in talks with several global investment banks said a source.
Check: IRCTC Stock split
As of 12 August 2021, the Tata Consultancy Services market capitalization stood at $167 bn and Tata Motors stood at $ 15 bn. On the other hand, Tata Steel and Tata Prower reported a total market cap at $ 23 bn and $ 6 bn, respectively. Other top firms of Tata are Tata Consumer Products and Titan MC stood at $10 bn and $22 bn.