Hyundai Motor India has obtained approval for its initial public offering from the Securities and Exchange Board of India, according to two sources familiar with the situation. The South Korean automaker plans to raise $3 billion at a roughly $20 billion valuation,

India's market regulator has approved an initial public offering of Hyundai Motor India , two sources with direct knowledge of the matter told Reuters.

This would make it the first carmaker to go public in India in two decades, following market leader Maruti Suzuki's IPO in 2003 India is the third-biggest revenue generator globally for Hyundai after the U.