South Korean auto giant Hyundai Motor is said to be considering an initial public offering (IPO) later this year to raise at least $3 billion (approximately Rs 25,000 crore).

Hyundai Motor India Ltd (HMIL) may dilute 15-20% stake to raise $330-560 million, news agency reported PTI The report quoted sources as saying.

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The company is India’s second-largest automaker after Maruti Suzuki India and if it goes ahead with the IPO, it will become India’s largest automaker, surpassing LIC’s share issue worth Rs 21,000 crore.

The company declined to comment when contacted for this story.

HMIL started operations in India in 1996 and currently sells 13 models across various segments.

Its network spans the country with 1,366 sales points and 1,549 service points.