Automotive Giant TVS in talks to raise $500 million for its EV Subsidiary
- ByStartupStory | November 9, 2021
India’s third largest producer of two wheelers, TVS Motors is in talks to raise $300-500 million for its EV subsidiary. The company had recently announced the launch of its EV segment in an attempt to offer flexibility and scalability.
This announcement comes a few months after its rival Tata Motors announced a funding of $100 million in its EV segment and Bajaj Auto registered the launch of its electrical vehicle unit. The Chennai based company is likely to raise the funds through pure financial investors and has no plans to onboard strategic investors. Furthermore, the team has hired an investment banker as a consultant for this issue.
The proposed infusion of capital would primarily be used to develop a product outline to cater to the global and local market. The main aim of this infusion is to mark the presence of TVS as a serious global player in the market for automobiles. TVS would tap into the expertise of Norton and Ego Movements for expanding into the European and American markets.
The shift to EV would allow TVS to expand its market outreach as well as diversify its current portfolio. In line with the recent shift to a green economy, the Chennai based giant has announced Rs. 1000 crore investment in EV business which makes it ready to tackle the two wheeler market range.
Follow Startup Story
Related Posts
