Asia Tech Wire (May 27) -- South Korean auto giant Hyundai Motor Co's Indian arm plans to raise up to $3 billion through an IPO, according to Moneycontrol.

Citing people familiar with the matter, the report said Hyundai Motor chose investment banks Kotak Mahindra Capital and Morgan Stanley, besides Citi, JP Morgan and HSBC Securities, in finalizing the advisory panel for the IPO of its subsidiary Hyundai Motor India Ltd. (HMIL).

The company aims to file a draft red herring prospectus (DRHP) for the IPO of its Indian arm with the Securities and Exchange Board of India (SEBI) by the end of June or July, the report said.

The IPO will likely be India's largest ever, as the auto giant plans to raise between $2.5 billion and $3 billion via the offering.