Mahindra electric receives Investment From British Govt
mahindra electric receives Rs 650 crore as second tranche of funding from british global investment
budget really worth Rs 650 crore will be infused into M&M's EV arm mahindra electric car (MEAL) by way of british international investment percent (BII), decrease than what changed into previously planned, taking the shareholding of BII group in the automotive player in the range of 2.sixty four-4.58%, a business enterprise filing said on december 30.
shares of mahindra And mahindra are down through almost a percentage on december 30.
BII - the improvement financial organization of the UK authorities- had shared itsintention to make investments Rs 1,925 crore($250 million) in two tranches in MEAL in february 2023. the primary tranche of Rs 1,two hundred crore turned into completed in june 2023. mahindra had on the time of the statement said that the partnership is aimed to 'boost up growth of 4-wheel passenger EV commercial enterprise and get boom capital to fund the commercial enterprise'.
BII's general funding, and shareholding in MEAL, would be decrease than what become to start with planned in february 2023. the second one tranche become formerly proposed to be Rs 725 crore, challenge to sure milestones agreed upon between the businesses.
M&M has said that as part of its EV imaginative and prescient, the institution plans to invest Rs 12,000 crore among FY25-27 to installation production facility, improvement and manufacturing of its upcoming SUV electric motors.
this is being updated.