M&M in talks to raise up to $500 million for EV push, says source

Indian automaker Mahindra & Mahindra is in talks with global investors to raise between $250 million and $500 million to accelerate its plans to build electric vehicles (EVs), a source with direct knowledge of the matter told Reuters.

Mahindra is in early talks with global green funds and private equity firms, the person said, adding that it wants a long-term investor who can help build out its EV business.

Some investors, however, in recent months have shown interest in participating in a funding round of worth around $800 million, two banking industry sources said, adding that they have held talks with the company about such offers.

While Mahindra is not actively looking to raise a higher amount than $250-$500 million, it is not closed to the idea of raising the deal size depending on the terms and valuation, the first source said.

“Mahindra wants to bring a benchmark investor onboard but does not want to dilute a large stake at present,” he said, adding that these plans are at an early stage and subject to changes.


Mahindra’s new EV unit for which it is raising the funds was valued at $9.1 billion in July after its first raise of $250 million from British International Investment (BII).

It was not immediately clear what valuation the investors are offering or what the company is seeking for the new round.

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