Tuesday, May 28, 2024
spot_img

Mahindra & Mahindra to invest Rs 12,000 crore in its EV unit

Date:

Share post:

spot_img
spot_img

Shillong, May 16: Automaker Mahindra & Mahindra, on Thursday, announced to invest Rs 12,000 crore in its electric vehicle (EV) unit over a period of three years.

In a stock exchange filing, the company said that it has approved an investment of Rs 12,000 crore in Mahindra Electric Automobile Limited (MEAL) to fund its EV journey over the next three years.

“M&M and its auto division expect to generate sufficient operating cash to satisfy all our capital investment needs and are not looking to raise additional capital,” said the company.

Further, M&M and British International Investments (BII) agreed to extend the timeframe for the final tranche of the latter’s planned investment of Rs 725 crore.

BII has invested Rs 1,200 crore to date while Singapore-based investment firm Temasek infused Rs 300 crore in MEAL.

“Temasek will be investing the balance Rs 900 crore as per the agreed timelines,” M&M said in the stock filing.

Mahindra Electric Automobile Limited was incorporated on October 25, 2022.

Total income of MEAL for the year ended March 31, 2024, was Rs 56.96 crore, while net worth of MEAL stood at Rs 3,207.14 crore.

“The revenue from operations of MEAL for FY24 was nil,” the company informed. (IANS)

spot_img
spot_img

Related articles

Tribal youth lynched in Bengal’s Jalpaiguri, five arrested

Shillong, May 28: A tribal youth was lynched by eight people at Nagrakata in West Bengal's Jalpaiguri district,...

Janhvi Kapoor talks about her ‘Zingaat’ viral dance with Rihanna

Shillong, May 28: Bollywood's Gen-Z diva Janhvi Kapoor shared details about her viral video dancing to the track...

Pune Porsche crash: Special probe panel reaches Sassoon Hospital

Shillong, May 28: Taking a grim view of the blood sample change of the prime accused in the...

Thousands evacuated from still-active landslide in Papua New Guinea

Shillong, May 28: Thousands of residents are being evacuated from the still-active massive landslide in Papua New Guinea's...