IFC to invest Rs600 crore in Mahindra’s last mile mobility business
This is IFC’s first investment in an EV manufacturer in the country and the first in electric three-wheelers globally. This will be in the form of compulsory convertible instruments at a valuation of up to INR 6,020 crores. The said investment will result in an ownership of between 9.97% to 13.64% for IFC in NewCo, Mahindra said.
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