Mahindra & Mahindra To Invest ₹12,000 Crore In Its EV Unit

Mahindra & Mahindra To Invest ₹12,000 Crore In Its EV Unit

Further, M&M and British International Investments (BII) agreed to extend the timeframe for the final tranche of the latter's planned investment of Rs 725 crore.

IANSUpdated: Thursday, May 16, 2024, 04:36 PM IST
article-image
Representative Image | File

Automaker Mahindra & Mahindra, on Thursday, announced to invest Rs 12,000 crore in its electric vehicle (EV) unit over a period of three years.

In a stock exchange filing, the company said that it has approved an investment of Rs 12,000 crore in Mahindra Electric Automobile Limited (MEAL) to fund its EV journey over the next three years.

"M&M and its auto division expect to generate sufficient operating cash to satisfy all our capital investment needs and are not looking to raise additional capital," said the company.

In a stock exchange filing, the company said that it has approved an investment of Rs 12,000 crore in Mahindra Electric Automobile Limited (MEAL) to fund its EV journey over the next three years.

In a stock exchange filing, the company said that it has approved an investment of Rs 12,000 crore in Mahindra Electric Automobile Limited (MEAL) to fund its EV journey over the next three years. |

Rs 1,200 crore Investment

Further, M&M and British International Investments (BII) agreed to extend the timeframe for the final tranche of the latter's planned investment of Rs 725 crore.

BII has invested Rs 1,200 crore to date while Singapore-based investment firm Temasek has invested Rs 300 crore in MEAL. "Temasek will be investing the balance of Rs 900 crore as per the agreed timelines," M&M said in the stock filing. Mahindra Electric Automobile Limited was incorporated on October 25, 2022.

Total income of MEAL for the year ended March 31, 2024, was Rs 56.96 crore, while net worth of MEAL stood at Rs 3,207.14 crore. "The revenue from operations of MEAL for FY24 was nil," the company informed.

RECENT STORIES

Finance Minister Nirmala Sitharaman Urges CBIC To Simplify GST Registration & Fast-Track Grievance...

Finance Minister Nirmala Sitharaman Urges CBIC To Simplify GST Registration & Fast-Track Grievance...

Myntra Expands Quick Commerce Fashion Delivery Service M-Now To Delhi-NCR And Mumbai

Myntra Expands Quick Commerce Fashion Delivery Service M-Now To Delhi-NCR And Mumbai

Delhivery Unveils ‘Delhivery Direct’, Enters On-Demand Local Two-Wheeler Delivery Space To Rival...

Delhivery Unveils ‘Delhivery Direct’, Enters On-Demand Local Two-Wheeler Delivery Space To Rival...

Hindustan Aeronautics, Safran Aircraft Engines join hands

Hindustan Aeronautics, Safran Aircraft Engines join hands

Markets Rebound After 3-Day Slump, Sensex Surges 1,000 Points Led By Financials & Telecom Stocks

Markets Rebound After 3-Day Slump,  Sensex Surges 1,000 Points Led By Financials & Telecom Stocks