Mahindra & Mahindra's EV business likely to get another fund infusion: Exclusive
CNBC-TV18 has reached out to Mahindra & Mahindra for a comment on this story and is awaiting a revert.
Mahindra & Mahindra Ltd.'s Electric Vehicle business is likely to get another round of fund infusion, people with knowledge of the matter told CNBC-TV18. The sources further said that a large asian fund is likely to be the investor in the EV business.
The fund infusion exercise in the EV business of M&M is likely to be completed in the next two weeks, the source added.
CNBC-TV18 has reached out to Mahindra & Mahindra for a comment on this story and is awaiting a revert.
In earlier interactions, the management of M&M has mentioned that they are open to raising funds for the electric SUV business. The company estimated an investment requirement of as much as Rs 10,000 crore for the EV business over the next two-to-three years.
In July 2022, M&M, along with British International Investment signed a binding agreement to invest as much as $250 million each into Mahindra's EV subsidiary at a valuation of $9 billion.
Mahindra & Mahindra has been in the news through the course of last week after CNBC-TV18 reported that the company has acquired a stake of nearly 4 percent in Mumbai-based private lender RBL Bank Ltd.
In response, both entities confirmed the investment, with the automaker saying that under no circumstances will the current 3.5 percent strategic investment go past 9.9 percent.
Shares of Mahindra & Mahindra spiked post the CNBC-TV18 newsbreak, currently trading 1.75 percent higher at Rs 1,501.75.
First Published: Aug 1, 2023 11:41 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha Election 2024: Phase 5 voting concludes with over 57% voter turnout, experts weigh in on key battles
May 20, 2024 11:07 PM
BJP holds meeting in Delhi as polling underway for 5th phase
May 20, 2024 4:21 PM
UP Police arrests man after viral videos shows him voting multiple times
May 20, 2024 2:18 PM