In its EV division, Mahindra & Mahindra would spend Rs 12,000 crore
May 16, New Delhi Mahindra & Mahindra, an automaker, said on Thursday that it would spend Rs 12,000 crore over the course of three years in its electric vehicle (EV) division.
The business said in a stock market filing that it has authorized a Rs 12,000 crore investment in Mahindra Electric Automobile Limited (MEAL) to finance the company’s three-year electric vehicle (EV) journey.
“M&M and its auto division do not intend to raise additional capital as we anticipate generating adequate operating cash to meet all of our capital investment needs.”
Additionally, M&M and British International Investments (BII) decided to prolong the deadline for the latter’s intended Rs 725 crore investment.
To date, BII has contributed Rs 1,200 crore, while Temasek, an investment corporation located in Singapore, has contributed Rs 300 crore to MEAL.
In the stock filing, M&M said, “Temasek will be investing the remaining Rs 900 crore in accordance with the agreed timelines.”
On October 25, 2022, Mahindra Electric Automobile Limited was established.
MEAL’s net value was Rs 3,207.14 crore at the end of March 2024, compared to its total revenue of Rs 56.96 crore.
The corporation said, “MEAL’s revenue from operations for FY24 was nil.”
