Asia Tech Wire (Sep 25) -- The Securities and Exchange Board of India (SEBI) has approved the initial public offering (IPO) of Hyundai Motor's Indian company, per Reuters.

Earlier news indicated that the South Korean automaker planned to raise $3 billion in the IPO at a valuation of about $20 billion.

If successful, Hyundai Motor India will become the second carmaker after Maruti Suzuki to list in India.

Along with Hyundai, reports surfaced in June that South Korea's LG Electronics was also considering listing its Indian unit in India.