India two-wheeler manufacturer, TVS Motor Co Ltd has been working out a deal with Abu Dhabi Investment Authority (ADIA), Goldman Sachs Group Inc and Carlyle Group Inc for an investment in its electric vehicle (EV) arm.
The $300 million to $350 million investment would value TVS at about $3 billion to $3.5 billion, likely making it India’s most valuable EV two-wheeler manufacturer, citing people with knowledge of the matter.
Due diligence is currently underway, the report said.
TVS, ADIA, Goldman Sachs and Carlyle did not immediately respond for comment.
TVS Motors, which makes the iQube e-scooter, had reported its EV sales had nearly doubled in the October-December quarter.
The company has also tied up with Amazon.com Inc’s India unit to boost its EV business.