CHENNAI: Mahindra & Mahindra is setting up a new wholly owned subsidiary for last mile electric mobility in which IFC will be investing Rs 600 crore. The subsidiary — NewCo — will house the last mile mobility division, including three-wheelers (Alfa, Treo, Zor) and four-wheeler small commercial vehicle (Jeeto).
IFC’s financing will help “scale up electric mobility in last mile connectivity – passenger and cargo segments – while enabling the development and manufacturing of new generation products in this space, M&M said in a statement.
IFC’s first investment in an EV manufacturer in the country and the first in electric three-wheelers globally will be in the form of compulsory convertible instruments at a valuation of up to Rs 6,020 crore.
