Electric VehicleIndia

M&M in talks with investors for Rs 5,000 crore EV push

Date: July 11, 2023

In a major development within the automotive industry, Mahindra & Mahindra, the Indian multinational automobile manufacturer, is reportedly engaged in discussions with British International and several other investors for a significant electric vehicle (EV) initiative. The talks aim to secure an investment of Rs 5,000 crore, signaling Mahindra’s commitment to expanding its electric mobility portfolio.

According to the sources, the deal valuation is likely to be worth 10–15% more than the previous round of fundraising, which valued Mahindra’s EV business at $9.1 billion. Mahindra & Mahindra has been a pioneer in the electric mobility segment in India, with its Mahindra Electric subsidiary leading the way. The company’s flagship electric vehicle, the Mahindra eVerito, has gained significant popularity in the Indian market. Additionally, Mahindra Electric supplies electric vehicle components and drivetrains to other automotive manufacturers.

By engaging with prominent investors such as British International, Mahindra aims to tap into their financial resources, expertise, and industry networks to further accelerate its growth in the EV space. The strategic investment could provide the necessary impetus for Mahindra to expand its electric vehicle offerings, improve battery technology, and advance charging infrastructure across the country.

If the negotiations are successful and the investment deal is finalized, it could have a transformative impact on the electric mobility landscape in India. As the discussions continue, stakeholders and industry enthusiasts eagerly await further updates on the potential investment and its implications for Mahindra & Mahindra’s ambitious electric vehicle push.

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