Mahindra Group and British International Investment on Friday announced that they will invest $500 million (Rs 4,000 crore) in the upcoming electric SUV segment.
British International Investment (BII), which is already invested in EV ventures, has announced an investment in collaboration with Mahindra Group, a company spokesperson said.
As per the agreement between the two companies, the new EV venture will see a capital infusion of $1 billion across the planned product portfolio between FY24 and FY27.
A company spokesperson further said that BII and Mahindra Group have decided to invest $500 million in the electric SUV space.
In future, we look forward to partnering with BII to bring eco-minded investors into EV Ventures, so that we can further strengthen our business.
Mahindra is looking very aggressive in the Indian market after Tata regarding the electric SUV segment. Earlier this month Mahindra introduced its first electric SUV XUV 400 (Mahindra XUV 400 Electric). This SUV can be launched by the company early next year.
Mahindra is working on big plans for the future in the EV sector. At a UK auto show, the company introduced five concepts of electric SUV models. These were introduced under the company’s brands XUV and BE. The company plans to launch them by 2026.
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