Temasek Holdings funding drives M&M EV arm valuation to Rs 80,000 crore
Mahindra & Mahindra (M&M) announced on Thursday that Singapore-based investment firm Temasek Holdings will invest Rs 1,200 crore in M&M’s four-wheeler passenger electric vehicle (EV) subsidiary, Mahindra Electric Automobile (MEAL), at a valuation of up to Rs 80,580 crore ($9.8 billion). This is 15 per cent more than the Rs 70,070 valuation MEAL fetched last year when British International Investment (BII) had invested.
At a valuation of around $9.8 bn, this is one of the highest valuations fetched by any EV company in recent times. It assumes significance as M&M’s electric portfolio is yet to launch apart from the XUV400 electric, said an analyst.
