Anand Mahindra Gives Away Credit As Renowned Global Investor Backs His Last-Mile EV Company: 'Testament To India's Progress'

Mahindra & Mahindra group chairman Anand Mahindra has lauded India’s policy landscape that helped a subsidiary of the conglomerate land a ₹600 crore investment from the International Finance Corporation (IFC).

What Happened? Global development institution IFC, a member of the World Bank Group, has stated that it invested in Mahindra and Mahindra's wholly-owned subsidiary, named NewCo — a newly incorporated last mile mobility company.

Anand Mahindra tweeted about the development saying, “This is not just about us. When a credible global investor makes such a decision, then it's a testament to India's progress in ‘last-mile' electrification.”

The investment, which values NewCo at ₹6,020 crore, comes as IFC aims to scale up affordable electric three-wheelers and small commercial vehicles.

See also: Delhi Budget: Why These EV Stocks Are Surging Today

Mahindra & Mahindra is also separately engaged in advanced talks with global investors to raise $1-1.3 billion (₹8,268.68 – 10,747.65 crore) by selling shares in its electric vehicles (EV) unit.

The company is looking to improve EV capacity as the Indian government aims to increase the share of EVs to 30% of total annual car sales by 2030 from 1% currently.

Per a Reuters report from August 2022, India has committed to reducing its emissions profile by 45% by 2030, and simultaneously aims to achieve 80% EV penetration for two-and three-wheelers, 70% for commercial vehicles and 30% for private cars in the same time-frame.

Read next: Tata Motors Hikes Some Vehicle Prices And Investors Are Loving It

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Posted In: Anand MahindraElectric VehicleIFCInternational Finance CorporationNewCoWorld Bank Group