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Mahindra Group shares are witnessing a strong rally. Mahindra & Mahindra (M&M) shares have reached a new high of Rs 1,191.90 after the Mahindra Group’s shares rose 5 per cent on the BSE in intra-day trade on Friday. This rally in M&M shares has been seen after a deal between Mahindra & Mahindra and British International Investment (BII). Let us tell you that British International Investment (BII) has decided to invest Rs 1,925 crore in Mahindra & Mahindra Group. The company has got this funding to make a new electric four-wheeler passenger vehicle.
BII will invest in Mahindra & Mahindra with a share of 4.8%. This investment will be spent on manufacturing a new electric four-wheeler passenger vehicle. The entire ownership of the unit to be set up to manufacture it will be with Mahindra & Mahindra. This information has been given by Mahindra on Thursday.
After this news of Mahindra getting investment from BII, there has been a tremendous rise in Mahindra’s shares in the Indian stock markets on Friday. The company’s shares have gained a record strength of 5.4% to Rs 1194.9 per share.
Let us tell you that the electric sports utility vehicle will be ready in the new EV unit of Mahindra Company. The setting up of this unit will provide additional support to the company’s manufacturing setup, supply chain, dealers and financiers.
Rajesh Jejurikar, Executive Director, Auto and Farm Sector, Mahindra Company, said in a conversation with the media that by 2027, we want to produce electric SUVs from about 20 percent to 30 percent of our total production.
Jejurikar has also said that the company will release information on technology, platform strategy and products for the production of electric vehicles in August. The company’s first electric SUV will be revealed in September. Mahindra said the total capital cost for the new unit is expected to be around 80 billion rupees ($1.01 billion) between 2024 and 2027.
It has also been said by Mahindra that it will also bring on other investors for its EV company in collaboration with the British Development Finance Institution so that the company’s funding needs can be met in a systematic manner.