By Dhwani Pandya MUMBAI (Reuters) -Hyundai Motor plans to use proceeds from a $3.3 billion IPO of its Indian unit to enhance its research efforts and develop new cars, aspiring to transform the South Asian country into a manufacturing hub for emerging markets.

To increase its presence in the electric vehicle (EV) space, MD Unsoo Kim said that the company is planning to launch four EV models in this financial year. “We are also investing in the EV charging ecosystem. The EV market in India will grow strongly by 2030,” he said.

BlackRock Inc., Singaporean sovereign wealth fund GIC Pte and Capital Group are among those that have made bids to buy stock in Hyundai Motor India Ltd.’s $3.3 billion initial public offering, according to people familiar with the matter.

Hyundai Motor India is about to make history with a massive $3.3 billion initial public offering set for Oct. 22. This will be the largest IPO in Indian stock market history, and Hyundai plans to use the funds to ramp up production in the country and accelerate its push into the electric vehicle market.

Hyundai Motor India will launch its IPO next week, marking parent Hyundai's first listing outside South Korea and India's first carmaker IPO since 2003.

Hyundai Motor India Ltd's initial public offering (IPO), the largest in the country's history, will open for public subscription on October 15 and conclude on October 17

Hyundai aims to raise $3.3 billion in its initial public offering of its India unit, reports said Tuesday, which would make it the country's biggest stock market debut.

Global investment giants BlackRock Inc., Singapore's sovereign wealth fund GIC Pte, and Capital Group have reportedly bid for shares in Hyundai Motor India Ltd.'s upcoming initial public offering (IPO) .

Hyundai Motor plans to use proceeds from a record $3.3 billion IPO of its Indian unit to enhance its research efforts and develop new cars, aspiring to transform the South Asian country into a manufacturing hub for emerging markets.

The Rs 27,856 crore IPO of Hyundai Motor India shall open for bidding between October 15-17 as it will sell shares in the range of Rs 1,865-1,960 apiece with a lot size of 7 shares.