Mahindra's new EV subsidiary raises Rs. 1,925 crore
Image Credit: team bhp
Homegrown automaker Mahindra & Mahindra has raised Rs. 1,925 crore ($250 million) from British International Investment (BII) for its yet-to-be-incorporated EV subsidiary referred to as "EV Co." for now. The automaker plans to invest around Rs. 8,000 crore ($1 billion) between FY 2024 and FY 2027 in its electric vehicle portfolio. The investment will give BII a stake of 2.75-4.76% in the subsidiary.