Mahindra raises Rs 1,925 crore to set up new EV subsidiary

BII will control a 2.75 - 4.76% stake in the new company, which is valued at Rs 70,070 crores.

Mahindra has announced that it plans to set up a new EV subsidiary and has secured an investment of Rs 1,925 crore from UK-based British International Investment (BII).

BII will control a 2.75 - 4.76% stake in the new company, which is valued at Rs 70,070 crores. Mahindra will also infuse an additional Rs 1,925 crore into the company.

Mahindra’s new EV company will focus on the electric 4-wheeler segment. By FY2027, the company is expected to receive up to Rs 8,000 crores of funding for its planned product portfolio. Mahindra and BII will work jointly to bring other investors to match the funding requirement in a phased manner.

Mahindra XUV400 coming in September 2022

Mahindra has also announced that the XUV400 – the all-electric version of the XUV300 will debut this September.

The eXUV300 concept was showcased at the 2020 Auto Expo and was powered by a 130 BHP electric motor and a 40 kWh battery pack. The technical details of the production are still under wraps.