IFC to invest Rs 600 crore in Mahindra’s new unit
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IFC is investing Rs 600 crore in the last mile transportation (LMM) facility company wholly owned by Mahindra & Mahindra. It will be formed as a new company (NewCO).
New Delhi. World Bank Group arm IFAC will invest Rs 600 crore in a new unit of automobile company Mahindra & Mahindra (M&M). The company gave this information on Wednesday. IFC is investing Rs 600 crore in the last mile transportation (LMM) facility company wholly owned by Mahindra & Mahindra. It will be formed as a new company (NewCO). This is IFC’s first investment in an EV manufacturer in the country, Mumbai-based M&M said in a statement. Also, this will be its first investment in electric three-wheelers.
IFC is making the investment through compulsory convertible instruments at a valuation of Rs 6,020 crore. The investment will give IFC a stake of between 9.97 per cent and 13.64 per cent in the new company. Anish Shah, Managing Director and Chief Executive Officer (CEO), Mahindra & Mahindra, said, “Decarbonizing the transport sector is essential to achieving India’s stated climate goals. IFC is an ideal partner for us with a focus on promoting sustainability and prosperity.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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