Indian automaker Mahindra and Mahindra Ltd is in advanced talks with global investors to raise between $1 billion and 1.3 billion to accelerate the expansion of its electric vehicle unit, Mint reported on Wednesday.
The company plans to raise capital by selling shares in its unit, currently valued at over $9.1 billion, in multiple tranches over the next two fiscal years, the report said, citing people familiar with the matter.
Mahindra did not immediately respond to Reuters’ request for comment.
Shares of Mahindra rose as much as 1.7 per cent on Wednesday, but are still down over 6 per cent so far this year, compared to a 7 per cent rise in rival Tata Motors
