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Tata Motors is in advanced stages to raise $1 billion through a stock sale of its electric vehicle unit, the Times of India reported on Friday. The planned fund-raise will value Tata Motors’ electric vehicle (EV) unit at $8 billion, said the report.

The group is also talking to some of the sovereign wealth funds (SWFs) in the Middle East such as Abu Dhabi Investment Authority and Saudi Arabia’s PIF to come on board either separately or as a consortium but they are likely to get smaller allocations than TPG , which is expected to be the “anchor investor.” In the past year, the stock has zoomed 173 percent, sharply outperforming the benchmark Nifty50 that has gained only 51 percent during the same period.

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The country’s largest vehicle maker is in the process of transferring its passenger vehicles division, including its EV portfolio, to a step-down subsidiary. For this, the automaker had got the shareholder’s approval in March. they have challenges on the supply side, product pipeline etc. The trade per for the auto index is only with Tata Motors".