At meeting held on 07 July 022
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) Sale/Transfer/Hiving 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. 1,925 crore each in the EVCo, in two tranches subject to the terms and conditions as stipulated in the aforesaid agreement(s).
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 1.5 and 2 billion every year to support the UK Government's Clean Green Initiative and to create productive, sustainable and inclusive economies. Over the next five years, at least 30 per cent of BII's total new commitments by value will be in climate finance. It was founded in 1948 and is based in London, England.
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