UK's BII to invest in new Mahindra EV unit at $9.1b valuation

Photo: Reuters

India’s Mahindra and Mahindra Ltd said on Thursday that the automaker and British International Investment (BII) would each invest up to $250 million in a new electric vehicle subsidiary at a valuation of $9.1 billion.

BII will have a 4.8% ownership in the business, which will focus on four-wheel passenger electric vehicles. The unit will be wholly owned by Mahindra.

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