In a stock exchange filing, the company said it has approved investment of Rs 12,000 crore in Mahindra Electric Automobile Ltd (MEAL) to finance its e journey over the next three years.
"M&M and its auto division expect to generate sufficient operating cash to meet all of our capital investment needs and are not considering raising additional capital," the company said.
Additionally, M&M and British International Investments (BII) agreed to extend the deadline for the final tranche of the planned investment of Rs 72 crore.
BII has invested Rs 1,200 crore so far, while Singapore-based investment firm Temasek has invested Rs 300 crore in MEAL.
“Temasek will invest the remaining Rs 900 crore as per the agreed timelines,” M&M said in a stock filing.
Mahindra Electric Automobile Limited was incorporated on October 25, 2022.
MEAL's total income for the year ending March 31, 2024, stood at Rs 56.96 crore, while MEAL's total assets stood at Rs 3,207.14 crore.
“Revenue from MEAL operations for FY2024 was nil,” the company reported.
"M&M and its auto division expect to generate sufficient operating cash to meet all of our capital investment needs and are not considering raising additional capital," the company said.
Additionally, M&M and British International Investments (BII) agreed to extend the deadline for the final tranche of the planned investment of Rs 72 crore.
BII has invested Rs 1,200 crore so far, while Singapore-based investment firm Temasek has invested Rs 300 crore in MEAL.
“Temasek will invest the remaining Rs 900 crore as per the agreed timelines,” M&M said in a stock filing.
Mahindra Electric Automobile Limited was incorporated on October 25, 2022.
MEAL's total income for the year ending March 31, 2024, stood at Rs 56.96 crore, while MEAL's total assets stood at Rs 3,207.14 crore.
“Revenue from MEAL operations for FY2024 was nil,” the company reported.
