TVS Motor Company is in talks with Abu Dhabi Investment Authority (ADIA), Goldman Sachs Group, and Carlyle Group for an investment in its electric vehicle (EV) arm, the Economic Times reported on Wednesday.

The $300 million to $350 million investment (roughly Rs. 2,500 crore to Rs. 2,900 crore) would value TVS at about $3 billion to $3.5 billion (roughly Rs. 25,000 crore to Rs. 29,000 crore), likely making it India’s most valuable EV two-wheeler manufacturer, ET said, 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 to Reuters’ requests 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‘s India unit to boost its EV business. As part of the collaboration, a fleet of electric two-wheelers and three-wheelers from TVS Motor will be deployed for Amazon’s last-mile deliveries. In addition, the two companies will work in tandem to examine EV use cases for various Amazon business groups for its network and logistical requirements, they said in a joint statement in November last year.

Last year, it was reported that TVS was aiming to grow its electric vehicle segment by leveraging various government initiatives like production-linked incentive scheme, among others. As per its annual report for 2021-22, the company has robust plans to scale up its play in the electric segment.

The company has created a dedicated vertical for EV segment with over 600 engineers and adopted the Centres of Competency (COCs) with an agile working approach. TVS sold more than 10,000 EVs in 2021-22.

TVS currently offers the iQube electric scooter, which was launched last year in May.

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