World Bank arm IFC to invest Rs 600 cr in M&M's new last-mile mobility firm

Deal values newly incorporated company at Rs 6,020 cr; the investment, which will be in the form of compulsory convertible instruments, will give IFC an ownership of 9.97-13.64% in the enterprise

In a bid to scale up the penetration of affordable electric three-wheelers and small commercial vehicles (SCV), World Bank arm IFC is investing Rs 600 crore in a new last-mile mobility company wholly owned by Mahindra and Mahindra (M&M). The firm will be a newly incorporated company (NewCo).

This is IFC’s first investment in an Indian EV manufacturer and the first in electric three-wheelers globally. It will be in the form of compulsory convertible instruments at a valuation of up to Rs 6,020 crore. The Rs 600 crore investments will give IFC an ownership of 9.97-13.64 per cent in the