Rs 12,000 crore investment planned by Mahindra & Mahindra in EV business
Automobile manufacturing company Mahindra & Mahindra (M&M) has informed that it would invest Rs 12,000 crore into its electric business MEAL (Mahindra Electric Automobile Limited) over the next 3 years. The company and its auto division expects to generate sufficient operating cash to satisfy its capital investment needs and is currently not looking to raise additional capital.
M&M and BII have agreed to extend the timeframe for the final tranche of the latter's planned investment of Rs 725 crore. So far BII has invested Rs 1,200 crore while Temasek invested Rs 300 crore in MEAL.
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