Automaker Mahindra & Mahindra (M&M) is reportedly in advanced discussions with British International Investment (BII) and other global investors to raise around Rs 5,000 crore ($605 million) for its electric vehicle (EV) unit.
According to sources, if the talks with Mahindra Electric Automobile are successful, BII will make a second-round investment in the Mumbai-based automaker, with the deal likely to be valued 10-15% higher than the previous round of funding.
Mahindra has expressed continued interest from investors in its EV business and aims to raise a small amount of funds to reduce dilution.
The company has outlined plans to establish a manufacturing facility in Telangana and launch several EV models in the next two years, with a target of producing around 200,000 EVs per year by FY27.
