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Home » Temasek To Invest INR 1,200 Crore In M&M’s EV Business
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Temasek To Invest INR 1,200 Crore In M&M’s EV Business

News RoomBy News RoomAugust 5, 20230 Views0
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Singapore’s auto company Temasek, on Thursday, has announced its plans to invest INR 1,200 crore in Mahindra Electric Automobile Limited, Mahindra & Mahindra’s EV business arm, in one or more tranches. As per media reports, the total valuation of the deal, which has been finalised between Mahindra Electric Automobile and Jongsong Investments Pte. Ltd., a unit of Temasek, can go up to INR 80,580 crore.

The investment will be in the form of Compulsorily Convertible Preference Shares (CCPS) valued at up to INR 80,580 crores. It will give Temasek a stake of 1.49-2.97% in Mahindra Electric. Reportedly, the investment by Temasek is part of Mahindra’s business plan of bringing in Rs. 10,000 crore worth of investments in its electric vehicle business by FY2027.

The auto company in its regulatory filing said it will also enable Mahindra Electric to onboard more marquee investors to deliver sustainable value over the long term.

“The securities subscription agreement and shareholders’ agreement inter alia provide for investment by Temasek of INR 1,200 crore in compulsorily convertible preference shares of MEAL, in one or more tranches, in accordance with the terms and conditions as stipulated in the aforesaid agreement, valuing MEAL upto INR 80,580 crore. The above investment also envisages Temasek having a nominal shareholding of 100 Equity Shares in MEAL,” the company said in a regulatory filing.

“Globally known for their strong governance, Temasek’s investment is a step forward, as we execute our strategy towards future leadership in electric SUVs. The valuation of up to $9.8 billion is testimony to Mahindra’s EV business and the progress we have made in the journey towards scaling up the electric SUV portfolio,” said Anish Shah, MD and CEO, Mahindra & Mahindra, in a statement.

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