New Delhi: Mahindra and Mahindra (M&M) along with British International Investment Plc. (“BII”) have revised its final tranche investment plans in Mahindra Electric Automobile Limited (“MEAL”) to INR 650 crore.
This investment is expected to be completed by 31st March, 2025, stated M&M’s stock exchange filings. Earlier the company with UK governments’ BII was planning to infuse INR 725 crore for the final tranche in M&M’s electric vehicle arm.
This would consequently, make the total investment done by BII Group in Mahindra Electric to be INR 1,850 crore. Thus, the shareholding in the company (MEAL) will be in the range of “ 2.64% to 4.58% of the Share Capital of MEAL, on a fully diluted basis,” stated the company.
However, the company has further stated that there will be no bearing on MEAL’s overall business plan.
Earlier in May, both the parties have postponed the timeline for the final tranche and has agreed to reassess the funding requirement by CY24 end (December 31,2024).
