CHENNAI: Singapore-based asset manager Temasek will invest Rs 1,200 crore in Mahindra & Mahindra’s four-wheeler passenger electric company.
M&M and Temasek have signed an agreement under which the latter will route the investment in Mahindra Electric Automobile (MEAL) in the form of compulsorily convertible preference shares (CCPS) at a valuation of up to Rs 80,580 crore or just under $10 billion. The investment will result in Temasek’s ownership of a 1.49-2.97% stake in MEAL.
Temasek will join British International Investments (BII) as an investor in MEAL. With this investment, Mahindra’s EV subsidiary’s valuation goes up by 15% to Rs 80,580 crore from Rs 70,070 crore.
