The World Bank Group arm IFC has invested Rs.600 crore in last-mile mobility(LMM) company, a subsidiary of of Mahindra & Mahindra, which will be newly incorporated (NewCo.). The NewCo will house three wheelers which are Alfa, Treo, Zor and four-wheeler like SCV (Jeeto).
According to press release, “IFC’s first investment in an EV manufacturer in the country and the first in electric three-wheelers globally will be in the form of compulsory convertible instruments at a valuation of up to INR 6,020 crores. The INR 600 crores investment will result in an ownership of between 9.97% to 13.64% for IFC in NewCo.”
“Being the market leaders in this segment, we have an opportunity to drive higher EV penetration in this segment and provide a more sustainable as well as profitable option to microentrepreneurs “, said Rajesh Jejurikar, Mahindra & Mahindra Executive Director and CEO (Auto & Farm Sector).
“Decarbonising the transport sector is crucial to achieving the climate goals that India has set for herself. IFC, with its focus on sustainability and boosting prosperity, is an ideal partner for us,” said Anish Shah, Mahindra & Mahindra MD and CEO.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. “By supporting a leading market player, IFC hopes to encourage other large automotive manufacturers to follow suit, driving EV adoption across India and helping the government deliver on its climate targets,” said Hector Gomez Ang, IFC’s Regional Director for South Asia.
The Indian EV space is heating up or we should say sparking up like never before.
For more EV news click here.
Upcoming electric cars and other exciting content click here.
For any questions, comments, suggestions, feel free to write to us – evcharchateam@gmail.com
If you like our content please do share among your networks.
