Mahindra & Mahindra: Another big achievement has come in the account of Indian automaker Mahindra & Mahindra and the company’s chairman Anand Mahindra has given information about this glorious moment by tweeting. World Bank Group’s arm IFC is going to invest $ 6 billion or $ 600 million in Mahindra & Mahindra’s EV unit. The amount will be invested in the form of compulsory convertible instruments in Mahindra Last Mile Mobility, the World Bank’s arm IFC, which is a wholly owned subsidiary of M&M.
Mahindra & Mahindra gave information about the investment
Mahindra & Mahindra gave information about this today and said in its statement that International Finance Corp (IFC), the private investment arm of the World Bank, has invested $ 6 billion ($ 72.58 million) in M&M’s Last Mile Electric Mobility Unit. We have agreed to invest. This Rs 600 crore investment will give IFC an ownership of between 9.97 per cent and 13.64 per cent in the new company.
Anand Mahindra expressed happiness by tweeting
Anand Mahindra has expressed his happiness through a tweet after this agreement. He has written in his tweet that ‘this is not just about us alone. When a credible global investor takes such a decision, it becomes a testament to India’s progress in ‘last mile’ electrification. Along with this, it is also in the form of a verification for the policy scenario of the country. It gives confidence to strongly support a sustainable future.’
Know about Last Mile Electric Mobility Unit
IFC and Last Mile Mobility Division will be merged with a new company comprising three-wheelers (Alpha, Treo, Zor) and four wheelers SCV (Jeeto). Last mile connectivity will get a boost in the segment of electric mobility through the financing of IFC. Development and manufacturing of new generation products for passenger and cargo segments will be accomplished.
Increasing focus on electric vehicle sector
Notably, this is the first investment by the World Bank arm IFC in an electric vehicle maker company in India, indicating that the EV sector is getting government support.
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