Tata Motors to raise $1 bn for new EV business at $7 bn valuation: Report

Tata Motors is in talks to raise up to $1 billion for its new electric vehicles (EV) division, valuing the business at nearly $7 billion, HT reported citing sources. It has reportedly approached global private equity firms like Blackstone Group and TPG Capital. In March, Tata Motors got shareholders' approval to hive off its passenger vehicle business into separate entity.