MUMBAI: South Korea's Hyundai Motor is exploring an initial public offering (IPO) for its Indian unit to raise as a minimum US$3 billion, two sources accustomed to the topic acknowledged on Monday (Feb 5).
Hyundai Motor India can be in early stage talks for an IPO later this year that would furthermore cost the company at US$25 billion-US$30 billion, the sources acknowledged.
While Hyundai's opinion for an IPO later this year is no longer finalised, it will furthermore potentially be the country's ideal stock market offering, the sources acknowledged.
The company is exploring "cost unlocking for its India business" via the IPO, the two sources acknowledged.
A spokesperson at Hyundai's India unit declined to negate.
Hyundai, India's 2d-ideal carmaker by gross sales, has acknowledged it plans to make investments US$2.45 billion within the country for its electrification push with plans to beginning unique EVs, charging stations and a battery pack assembly unit.
The carmaker, which entered India better than Twenty years within the past, has 15 per cent piece of the Indian automobile market and competes with Maruti Suzuki and native rival Tata Motors