Mahindra & Mahindra has on 22 March 2023 approved the sale / transfer of assets pertaining to the Last Mile Mobility Business of the Company to a new company to be incorporated as a wholly owned subsidiary of the Company.
Further, the company has entered into a subscription agreement and shareholders agreement with International Finance Corporation (IFC) for investment by IFC of an amount up to Rs 600 crore in Compulsorily Convertible Preference Shares (CCPS) of NewCo, in one or more tranches, in accordance with the terms and conditions as stipulated in the aforesaid Agreement(s), valuing the NewCo at upto Rs. 6,020 crore.
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