M&M, British Int'l Investment to build portfolio of five e-SUVs by 2027

British International Investment and Mahindra & Mahindra have reached a binding agreement to co-invest Rs 3,850 crore (Rs 1,925 crore each) at a valuation of Rs 70,070 crore

Mahindra and Mahindra (M&M) and British International Investment (BII)-backed EV Co will co-develop a portfolio of five electric SUVs through the former’s wholly-owned subsidiary, into which the two firms shall invest around Rs 10,000 crore over the next four years, their executives said on Friday. 

This deal will help M&M reduce its planned automobile capex over FY22-26 to Rs 9,975 crore, from Rs 11,900 crore.

BII and M&M have reached a binding agreement to co-invest Rs 3,850 crore (Rs 1,925 crore each) at a valuation of Rs 70,070 crore ($9.1 billion) in the yet-to-be-named EV company, M&M said in