Mahindra Mahindra Board approves incorporation of subsidiary for EV business

13 Jul 2022 , 01:33 AM

The Board of Mahindra Mahindra has on 07 July 2022 approved a Incorporation of a wholly owned subsidiary of the Company EVCo to undertake the 4 Four Wheel Passenger Electric Vehicles Business of the Company b SaleTransferHiving off of identified assets relating to the 4 Four Wheel Passenger Electric Vehicles Business of the Company to EVCo; and c Execution of a Securities Subscription Agreement and Shareholders Agreement with British International Investment Plc BII whereby the Company and BII have agreed to invest upto Rs 1925 crore each in the EVCo in two tranches subject to the terms and conditions as stipulated in the aforesaid agreements Pursuant to the Board approval the company and BII have entered into a securities subscription agreement and shareholders agreement BII formerly CDC Group plc is the Development Finance Institution of the UK Government and invests between 15 and 2 billion every year to support the UK Governments Clean Green Initiative and to create productive sustainable and inclusive economies Over the next five years at least 30 per cent of BIIs total new commitments by value will be in climate finance It was founded in 1948 and is based in London England