On Friday, 08th July 2022, Shares of Mahindra and Mahindra (M&M) jumped by five percent after the auto major announced that British International Investment (BII) would invest up to Rs 1,925 crore ($250 million). BII will invest this amount into M&M’s new four-wheel passenger electric vehicle (EV) arm.
As per an exchange filing, in the form of compulsory convertible instruments, British International Investment will invest up to Rs 1,925 crore at a valuation of up to Rs 70,070 crore. With this investment, BII is becoming a part of the new EV company, with 2.75-4.76 percent ownership.
Adding to this, the MD and CEO of M&M, Mr Anish Shah, expressed, “We are delighted to have BII as a partner in our SUV electric journey; in BII, we have got a similar-minded partner who is focused on combating climate emergency.”
