New Delhi: Mahindra & Mahindra Corporation today announced its investment in MEAL (Mahindra Electric Vehicles Limited) to fund the company's electric vehicle portfolio.
The investment will be done for the next three years to accelerate the growth of the electric passenger SUV business and generate growth capital to finance said business. "MEAL will significantly leverage the company's manufacturing and product development capabilities, as well as the company's ecosystem of suppliers, dealers and financiers," stated its exchange filing.
MEAL will use the funds to create and market a world-class electric SUVs with advanced technologies. This investment will further aid to leverage the company's focus and expertise in ESG and climate change.
The company currently owns 99.99% of the paid-up share capital of MEAL, and BII has a nominal stake of 100 shares in MEAL, the filing added.
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