Mahindra Electric Automobile Limited (MEAL), an electric vehicle (EV) subsidiary of Mahindra and Mahindra Limited (M&M) will raise an investment of Rs 12 billion in the form of compulsorily convertible preference shares from Temasek, Singapore-based investment firm, at a valuation of around Rs 805.8 billion. An agreement for this investment has been signed between the companies. With this funding, Temasek’s stake in MEAL will raise up to 3 per cent. The British International Investment will also join Temasek as an investor in MEAL which has earlier invested Rs 19.25 billion in M&M to build a new four-wheeler EV company.
In December 2022, M&M declared that it will invest around Rs 100 billion to set up an electric vehicle (EV) manufacturing facility in Pune. The facility has been approved under the Maharashtra Government’s industrial promotion scheme for EVs. The proposed facility aims to manufacture, develop, and produce its upcoming Mahindra Born Electric Vehicles.
In October 2022, M&M and Jio-bp, a fuels and mobility conglomerate between Reliance Industries Limited and bp expanded their existing collaboration. Jio-bp planned to establish a charging network for M&M’s upcoming e-SUV launches.