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UK's BII, M&M to invest $500 million in new EV entity valued at $9 billion

The total capital infusion for the EV Co. is envisaged to be approximately Rs 8,000 cr/$1 billion between FY24 and FY27

Topics
UK | Mahindra & Mahindra | Electric Vehicles

Shally Seth Mohile  |  Mumbai 



There's a better answer than electric cars
The total capital infusion for the EV Co. is envisaged to be approximately Rs 8,000 crore/$1 billion between FY24 and FY27 for the planned product portfolio.

UK’s development finance institution British International Investment (BII) will invest Rs 1,925 crore into a new dedicated, four-wheeler electric passenger vehicle arm which Mahindra and Mahindra (M&M) will incorporate, the company said in a late night notification. M&M and BII will invest $250 million each into the new entity called EV Co. at a valuation of Rs 70,070 crore ($9 billion). The two have signed a binding agreement for the same.

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First Published: Fri, July 08 2022. 08:14 IST

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