IFC to infuse Rs 600 Crore in Mahindra's electric vehicle firm
The largest global development institution International Finance Corporation (IFC) has plans to invest Rs 600 crore in a new last-mile mobility (LMM) company of the Mahindra group. Investment would go into a wholly-owned subsidiary of Mahindra & Mahindra that will be newly incorporated (NewCo).
This would be IFC's first investment in an EV (Electric vehicle) manufacturer in the country and the first in electric three-wheelers globally. As per information investment will result in ownership of between 9.97 percent to 13.64 percent for IFC in NewCo.
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