The company has also witnessed the valuation of the MEAL business increasing, with the Singapore-based investment firm Temasek infusing Rs 1,200 crore earlier in the week in the group's PV EV unit at a valuation of Rs 80,580 crore.
05 Aug 2023 | 3752 Views | By Ketan Thakkar and Amit Vijay M
Anand Mahindra, the Chairman of Mahindra & Mahindra says the Group is decarbonising Indian cities by providing clean mobility solutions through EVs and its related ecosystem.
During the year, the sustainability initiatives of the Company drew recognition from BII investment in the newly incorporated Mahindra Electric Automobile Limited and ...
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Anand Mahindra, the Chairman of Mahindra & Mahindra says the Group is decarbonising Indian cities by providing clean mobility solutions through EVs and its related ecosystem.
During the year, the sustainability initiatives of the Company drew recognition from BII investment in the newly incorporated Mahindra Electric Automobile Limited and International Finance Corporation (IFC) in Mahindra Last Mile Mobility Limited, the chairman informed shareholders in his address at the 77th Annual General Meeting.
“IFC marks this investment as a significant step towards scaling up domestic production of electric vehicles to drive EV adoption across India and also help the Government deliver on its climate targets,” he told shareholders.
The maker of the Bolero and XUV is already the leader in the electric three-wheeler segment with over 65% market share, and it is vying to be the leader in the emerging passenger electric vehicle segment.
IFC had invested Rs 600 crore in Mahindra’s Last Mile Mobility division at a valuation of Rs 6020 crore.
The Group has committed an investment of Rs 10,000 crore for the electric vehicle business in the coming decade and has lined up five electric vehicles between 2025 to 2026 under its Mahindra Electric Automobiles Ltd or MEAL unit.
Besides BII, the entity also counts Temasek among its list of marque investors.
The company has also witnessed the valuation of the MEAL business increasing, with the Singapore-based investment firm Temasek infusing Rs 1,200 crore earlier in the week in the group's PV EV unit at a valuation of Rs 80,580 crore.
The company has guided that it expects almost 20-30% of its total sales to come from electric vehicles by 2027 and it has been vigorously partnering with global auto majors like Volkswagen Group and LG Chem for sourcing parts for the zero-emission vehicles.