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Mahindra and Mahindra Ltd. has incorporated a wholly-owned subsidiary to commence four-wheeler electric vehicles business through EVCo. EVCo will be an asset-light company and leverage synergies of M&M.
Manufacturing and sourcing of EVs will be done by M&M. EVCo will use full ecosystem of M&M, including dealers, suppliers etc. M&M has also tied up with VolksWagen for the MEB electric platform for EVs (including batteries, motors etc).
M&M has brought in financial investor British International Investment in EVCo, which will invest Rs 1,925 crore ($250 million) in two tranches – first Rs 1,200 crore and the balance after achieving certain milestones, for a 2.75% to 4.76% stake in the new entity (EVCo).
M&M will also invest identical amount in EVCo. Investment by BII will be in the compulsorily convertible preference shares of EVCo. On a fully diluted basis, the investment is valued at Rs 70,070 crore.
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