Over the following three years until March 31, 2027, Mahindra & Mahindra intends to invest 120 billion in Mahindra Electric Automobile (MEAL), its electric vehicle (EV) division. The company announced that it anticipates generating sufficient operating cash from its auto division to meet all capital investment requirements, eliminating the need for extra external funding.
The deadline for the final tranche of British International Investments’ (BII) projected 7.25 billion investment in MEAL has also been extended by Mahindra & Mahindra and BII. By December 31, 2024, they will reevaluate if more investments are necessary. MEAL has received 12 billion in investments to date from Bll and 3 billion from Temasek, an investment group located in Singapore. According to previous agreements, Temasek is also set to further invest Rs 9 billion. MEAL intends to use the investment mainly to develop and promote a new SUV lineup including innovative technologies.
