Hyundai Is Said to Add More Banks for Possible Record India IPO

Hyundai Motor Co. has brought in Kotak Mahindra Bank Ltd. and Morgan Stanley as advisers on a potential initial public offering of its India unit, according to people familiar with the matter, as the automaker considers what might be one of the biggest-ever listings in the South Asian country.

The banks join Citigroup Inc., HSBC Holdings Plc and JPMorgan Chase & Co. as advisers on the IPO, which Bloomberg News has reported could raise about $2.5 billion for India’s second-biggest carmaker.

A representative for Morgan Stanley declined to comment. Hyundai and Kotak didn’t respond to requests for comment.

Hyundai ...