Mahindra & Mahindra raises USD250 million from British International Investment for new EV company
The total capital infusion for the new EV company is envisaged to be about USD 1 billion between FY 2024 and FY 2027 for the planned product portfolio
Indian automaker Mahindra and Mahindra Ltd (M&M) has signed a binding agreement with British International Investment (BII), the UK’s Development Finance Institution and impact investor, to invest up to INR1,925 crore (USD250 million) each into a wholly owned subsidiary of M&M that will be newly set up to focus on electric cars, M&M announced on 7 July 2022.
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