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Hyundai Motor India's South Korean parent may sell stake via IPO

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South Korea's Hyundai Motor is planning to sell up to a 17.5% stake in its Indian unit through an initial public offering (IPO), aiming to raise up to $3 billion. The IPO, which could be India's largest ever, will involve Hyundai Motor India's South Korean parent selling part of its stake to retail and other investors. The move is expected to reduce Hyundai Motor India's reliance on its parent company for funds and enable it to expand in the Indian market.