British International Investment To Invest Rs. 1,925 Crore In Mahindra's New 4W Passenger EV Company
The British International Investment, the UK’s Development Finance Institution and impact investor and Mahindra & Mahindra have executed a binding agreement to invest up to USD 250 million each into a wholly owned subsidiary of Mahindra & Mahindra that will be newly incorporated (“EV Co.”).
British International Investment will invest up to Rs. 1,925 crore in the form of compulsory convertible instruments at a valuation of up to Rs. 70,070 crore, resulting in 2.75 per cent to 4.76 per cent ownership for British International Investment in the EV Co.
The EV Co. will focus on four-wheel (4W) passenger electric vehicles. The total capital infusion for the EV Co. is envisaged to be approximately Rs. 8,000 crore / USD 1 billion between FY 24 and FY 27 for the planned product portfolio.
