Mahindra -; Mahindra in talks to raise up to $500 million for EV push: Reuters

23 Sep 2022 , 07:47 AM

A Reuters report stated that Indian automaker Mahindra & Mahindra is in negotiations with international investors to finance between $250 million and $500 million to accelerate its aspirations to build electric cars (EVs).

The report added that Mahindra is in preliminary discussions with international green funds and private equity firms and that the company seeks a long-term investor who can help it expand its EV business.

Reportedly, some investors have recently expressed interest in taking part in a capital round valued at roughly $800 million.

According to the report, Mahindra is not actively seeking to raise more money than $250—500 million, but it is open to the notion of increasing the deal size based on the terms and valuation.

After receiving its initial fundraising of $250 million from British International Investment (BII), Mahindra’s new EV company, for which it is raising the cash, was valued at $9.1 billion in July.

The valuation the investors are proposing or the amount the company is looking for in the next round was not immediately clear.

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