BII revises investment in Mahindra's EV firm

UK-BASED INVESTOR British International Investment (BII) and Mahindra & Mahindra (M&M) have mutually agreed for a downward revision of former's investment into M&M's electric vehicle making company.

- SWARAJ BAGGONKAR

Mumbai, December 30

The final tranche of BII's investment would be ₹650 crore, as against the planned investment of ₹725 crore, taking the total to ₹1,850 crore, as against ₹1,925 crore planned previously in Mahindra Electric Automobile (MEAL).

BII Group will have a revised shareholding ranging from 2.64% to 4.58% of the share capital of MEAL, on a fully diluted basis, as against the earlier planned dilution of 2.75% to 4.76%, M&M announced on Monday. M&M, however, did not specify the reason behind the change.