Earlier this year in May, the company had intimated that it and British International Investment Plc (BII) have mutually agreed to extend the timeframe for the final tranche of BII's planned investment of Rs 725 crore in Mahindra Electric Automobile Ltd (MEAL) and would jointly assess whether additional investment is required by December 31, 2024, M&M said in a regulatory filing.In this connection, M&M said the company and BII have jointly assessed the funding requirement for MEAL on the basis of which it has been "mutually agreed that the final tranche of BII Group's (i.e. BII and/or BII India EV LLP) investment would be Rs 650 crore to be completed by March 31, 2025, as against earlier planned investment of Rs 725 crore"."Consequently, the total investment by BII Group in MEAL would be Rs 1,850 crore resulting in BII Group having a shareholding in the range of 2.64 per cent to 4.58 per cent of the share capital of MEAL, on a fully diluted basis," the company said.In November this year, M&M had unveiled two electric SUVs-- BE 6 and XEV 9e -- with deliveries expected to commence in the February-March period next year with entry-level variants priced at Rs 18.9 lakh and Rs 21.9 lakh, respectively (ex-showroom).

Bill to Make ₹650 Cr in Final Tranche of Investment on M&M's EV Arm

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.