Mahindra and Mahindra Ltd. and British International Investment (BII) will each invest $250 million in the automaker’s new electric car segment, valuing it at $9.1 billion.
BII will possess 4.8% of the four-wheel electric car business (EVs). Mahindra will own the operation entirely, the firm stated Thursday night.
Mahindra’s shares surged 5.4% to 1,194.9 rupees on Friday.
Mahindra’s manufacturing setup, supply chain, dealers, and financiers will be used by the new EV unit to make electric SUVs.
Rajesh Jejurikar, who is in charge of Mahindra’s auto and farm industries, thinks that between 20% and 30% of SUVs will be electric by 2027.
Jejurikar said that the company will show off its first electric SUV in September and its EV product, technology, and platform strategy in August.
Mahindra expects to invest $1.01 billion in the new unit between 2024 and 2027.
Mahindra said it would work with the British development financing institution to bring in investors for the EV startup in stages.
$1 equals 79.1500 Indian rupees.
