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.

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 Ltd is preparing for a Rs 27,870 crore initial public offering. This aims to increase local involvement in their operations. The IPO will be open to the public from October 15 to October 17.

(Reuters) - 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. The $3 billion IPO would offer shares at a price range of 1,865 rupees to 1,960 rupees ($22 to $23) per share, valuing Hyundai's Indian unit at up to $19 billion.

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) .

The Indian arm of the South Korean carmaker will be making investments towards capacity expansion, product and platform development, new launches, etc.

Hyundai Motor India plans to launch India's largest IPO, aiming to raise Rs 27,870 crore. The IPO will enhance the company's trust and inclusivity in

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.

Baillie Gifford and FMR are also looking to participate in the record-breaking offering in Mumbai, the people said, asking not to be identified as the information isn't public