Temasek to invest Rs. 1,200 crore in Mahindra Electric
Temasek Holdings Ltd. will control a stake of 1.49-2.97% in Mahindra Electric.
Singapore-based Temasek Holdings Ltd., will be investing Rs. 1,200 crore in Mahindra Electric.
The investment will be in the form of Compulsorily Convertible Preference Shares (CCPS) valued at up to Rs. 80,580 crores. It will give Temasek a stake of 1.49-2.97% in Mahindra Electric.
The investment by Temasek is part of Mahindra’s business plan of bringing in Rs. 10,000 crore worth of investments in its electric vehicle business by FY2027. It will also enable Mahindra Electric to onboard more marquee investors to deliver sustainable value over the long term.
Temasek Holdings Ltd. is owned by the Government of Singapore. It will join British International Investments (BII) as an investor in Mahindra Electric.
Source: Read Full Article