With the Singapore-based sovereign fund's $145 million (Rs 1,200 crore) investment, Mahindra Electric Automobile Limited is now valued at $9.8 billion, overtaking rival Tata Motors' electric vehicle division, valued at $9.1 billion
Mahindra has quietly built up India’s most valuable electric vehicle company.
On August 4, the country’s fourth largest carmaker announced that Singapore-based sovereign fund Temasek has invested $145 million (Rs 1,200 crore) in Mahindra Electric Automobile Limited, the four-wheeler passenger electric vehicles company of the automaker. The deal values the arm, set up in October 2022, at a staggering $9.8 billion.
Rival Tata Motors’ electric vehicle division is valued at $9.1 billion, after it raised $1 billion from TPG Rise Climate in 2021, while Mahindra had last year raised $250 million from British International Investments (BII) at a valuation of as much as $9.1 billion.