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.

Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

You have successfully subscribed.

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

Posted In: Anand MahindraElectric VehicleIFCInternational Finance CorporationNewCoWorld Bank Group