BII to Invest INR 650 Crore in Mahindra & Mahindra’s EV Subsidiary
Mahindra & Mahindra Ltd. (M&M) announced that British International Investment Plc will invest a final tranche of INR 650 crore, revising the total investment in its EV arm, Mahindra Electric Automobile Ltd., to INR 1,850 crore.
December 30, 2024. By Mrinmoy Dey
In May 2024, M&M and BII had agreed to extend the timeline for the final tranche and reassess the investment requirement by December 31, 2024. Following a joint review, they decided on the reduced investment amount, which will be completed by March 31, 2025.
“Consequently, the total investment by BII Group in MEAL would be INR 1,850 crore resulting in BII Group having a shareholding in the range of 2.64 percent to 4.58 percent of the share capital of MEAL, on a fully diluted basis,” the company informed in an exchange filing.
In November, M&M introduced two electric SUVs—BE 6 and XUV 9e—with deliveries set to begin in February-March 2025, priced at INR 18.9 lakh and INR 21.9 lakh (ex-showroom) for entry-level variants. The automaker has committed INR 4,500 crore towards the development and production of these ‘Born Electric’ models as part of its INR 16,000 crore EV capex planned for FY22–27.
M&M is setting up an annual production capacity of 90,000 units at its Chakan plant for the two ground-up electric models.
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