IFC to invest ₹600 crore in M&M’s new last mile mobility company
The Hindu
IFC to invest ₹600 crore in Mahindra & Mahindra subsidiary firm NewCo
I
The International Finance Corporation (IFC) has announced to invest ₹600 crore in a new last mile mobility (LMM) company ¬ a wholly owned subsidiary of Mahindra & Mahindra that will be newly incorporated (NewCo).
A gamechanger for microentrepreneurs in India, the funding is aimed at transforming the lives of micro entrepreneurs, operating electric three wheelers & small commercial vehicles, by boosting their income and paving the way for the auto industry’s shift from fossil fuel to electric vehicles (EVs).
“IFC’s first investment in an EV manufacturer in the country and the first in electric three-wheelers globally will be in the form of compulsory convertible instruments at a valuation of up to ₹6,020 crore.” IFC and M&M said in a joint statement.
The ₹600 crore investment will result in an ownership of between 9.97% to 13.64% for IFC in the NewCo.
The NewCo will house the last mile mobility division, including three wheelers (Alfa, Treo, Zor) and four-wheeler SCV (Jeeto).
“IFC’s financing will help scale up electric mobility in last mile connectivity - passenger and cargo segments - while enabling the development and manufacturing of new generation products in this space,” the joint statement said.
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