Indian automaker Mahindra & Mahindra is in talks with global investors to raise between $250 million and $500 million to accelerate its plans to build electric vehicles (EVs), a source with direct knowledge of the matter told Reuters.
People walk past a screen displaying Mahindra and Mahindra logo before the start of a news conference in Mumbai, India May 30, 2016. REUTERS/Danish Siddiquiis in talks with global investors to raise between $250 million and $500 million to accelerate its plans to build electric vehicles , a source with direct knowledge of the matter told Reuters.
Some investors, however, in recent months have shown interest in participating in a funding round of worth around $800 million, two banking industry sources said, adding that they have held talks with the company about such offers.While Mahindra is not actively looking to raise a higher amount than $250-$500 million, it is not closed to the idea of raising the deal size depending on the terms and valuation, the first source said.
Mahindra's new EV unit for which it is raising the funds was valued at $9.1 billion in July after its first raise of $250 million from British International Investment .It was not immediately clear what valuation the investors are offering or what the company is seeking for the new round. The talks come weeks after Mahindra outlined an ambitious plan to launch five electric SUVs over the next few years and is targeting such models to make up 30% of its total annual SUV sales by March 2027.The funds will help the automaker build a war chest to compete against rival Tata MotorsTata, last year, raised $1 billion from TPG's Rise Climate Fund for its EV unit at a valuation of $9.1 billion, making it the first major clean mobility deal in India.
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