To expand its domestic electric vehicle industry, Tata Motors is reportedly looking to raise $1 billion. According to Reuters, citing the Economic Times, the manufacturer has begun discussions with sovereign wealth funds and private equity investors about selling stakes in order to raise funds.

Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company, based in the United Arab Emirates; the Public Investment Fund, with headquarters in Saudi Arabia; Temasek Holdings, based in Singapore; and KKR and General Atlantic are among the funds and investors.

According to the daily, Tata Motors may sell a sizeable minority share with an estimated value of $10.5 billion.

Tata Motors pledged to invest more than $2 billion in its EV business over the course of five years when it raised $1 billion from TPG and Abu Dhabi state holding company ADQ in 2021 for its EV operation at a $9 billion valuation.

In order to add 25,000 XPRES-T EVs to Uber’s premium category service, the Mumbai-based auto manufacturer and ride-hailing service signed an MoU this week.

In line with its objective of a clean and green environment, Tata Motors will assist Uber with electrifying its services throughout the Delhi-National Capital Region, Mumbai, Kolkata, Chennai, Hyderabad, Bangalore, and Ahmedabad. In a staged approach, the corporation will start this month with the supply of vehicles to Uber fleet partners.

In 2021, India saw the release of an inexpensive electric automobile, the Tata XPRES-T EV.

Around 50,000 Tata EVs have been produced at the factory for the personal and fleet markets, according to Tata Motors, which claims to be at the forefront of India’s e-mobility revolution.

The XPRES-T EV is the company’s first car under the “XPRES” brand, which Tata Motors debuted in July 2021 specifically for fleet clients. Tata Motors has announced that the new XPRES-T electric vehicle is available in two range configurations: 315 km and 277 km.

At the opening of trading on Thursday, shares of Tata Motors were up 1.40 points, or 0.34%.