Indian company Mahindra and Mahindra Ltd said on Thursday that car manufacturer and British International Investment (BII) would invest up to $ 250 million in a new electric car company worth $ 9.1 billion. BII will have a 4.8% ownership of the business, which will focus on four-wheeled electric vehicles. The unit will belong to Mahindra completely.
“We can expect that between 20% and 30% of Mahindra SUVs will be electrically operational by 2027,” said M&M executive director Rajesh Jejurikar.
The total investment in the new unit is expected to be 80 billion rupees ($ 1.01 billion) distributed between 2024 and 2027, Mahindra said compliance with phased financial need.