UK’s development finance institution British International Investment (BII) will invest Rs 1,925 crore into a new dedicated, four-wheeler electric passenger vehicle arm which Mahindra and Mahindra (M&M) will incorporate, the company said in a late night notification. M&M and BII will invest $250 million each into the new entity called EV Co. at a valuation of Rs 70,070 crore ($9 billion). The two companies have signed a binding agreement for the same.
M&M joins Tata Motors and a host of other companies including Ashok Leyland and TVS Motor Co that have either got external investors for a dedicated EV arm at an attractive valuation or are in the process of concluding such deals.
