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Mahindra & Mahindra is Set to Acquire About USD 1.3 Billion for EV Unit

Mahindra is increasing its sustainability by setting up a new EV factory near Pune and developing platforms for its upcoming electric sport utility vehicles (SUVs).

March 23, 2023. By EI News Network

Mahindra & Mahindra Ltd is in discussion with some global investors for an investment of USD 1-1.3 billion.

The multinational automotive manufacturer is planning to divest shares in its electric vehicles (EV) unit.

According to people in the know, this development is aimed at furthering the expansion plans of its newly established subsidiary.

The firm is likely to infused the raised funds in multiple portions in the upcoming two fiscals. The amalgamation has assessed a need of investment which is around INR 10,000 crore for its EV business over the coming 2-3 years.

Mahindra is increasing its sustainability by setting up a new EV factory near Pune and developing platforms for its upcoming electric sport utility vehicles (SUVs). The firm is projected to secure as much as USD 800 million to USD 1 billion in the first tranche of fundraising in the first half of fiscal year 2024.

As enterprises focusses more on environment-friendly operations, EVs are fastly emerging as a fruitful investment space for huge investors.

Besides amounting for only 1 percent of India’s overall commuter vehicle sales, the government intends to raise the figure to 30% by 2030.

Previous year, Mahindra inked an agreement with Germany’s Volkswagen Group to attain electric components for its EV business.

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Sustainable Transport

Mahindra and mahindra

Pune

Electric Vehicles

Factory unit

Automotive manufacturers