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					</table><p>India&#8217;s automotive conglomerate Mahindra &amp; Mahindra (<a href="https://www.mahindra.com/" target="_blank" rel="noopener">M&amp;M</a>) has secured a ₹12 billion (~$145 million) investment from Temasek, a global investment firm headquartered in Singapore, to help boost its four-wheel electric vehicle (EV) footprint.</p>
<p>The binding agreement will see Temasek investing in Mahindra Electric Automobile Limited (<a href="https://mahindraelectricautomobile.com/" target="_blank" rel="noopener">MEAL</a>), the four-wheeler passenger electric vehicle company, through Compulsorily Convertible Preference Shares.</p>
<p>Temasek&#8217;s infusion of funds will bolster MEAL&#8217;s valuation, propelling it from ₹700.7 billion (~$8.4 billion) to ₹805.8 billion (~9.7 billion), a 15% increase.</p>
<p>As part of the deal, Temasek will hold a 1.49% to 2.97% stake in MEAL, joining forces with British International Investments (<a href="https://www.bii.co.uk/en/" target="_blank" rel="noopener">BII</a>) as an investor in the electric mobility subsidiary.</p>
<p>Anish Shah, the Managing Director &amp; CEO of Mahindra &amp; Mahindra, said, &#8220;We are extremely delighted to have Temasek as a partner in our electric SUV journey. Globally known for their strong governance, Temasek&#8217;s investment is a step forward as we execute our strategy towards future leadership in electric SUVs.&#8221;</p>
<p>The company aims to capture 20% -30% of Mahindra&#8217;s SUV sales from electric vehicles by 2027.</p>
<p>Mahindra Group said the collaboration aligns with its overarching focus on Environmental, Social, and Governance responsibilities.</p>
<p>Headquartered in Singapore, Temasek operates through 13 offices in nine countries and has a net portfolio value of $287 billion as of March 31, 2023.</p>
<p>Recently, the International Finance Corporation IFC, a member of the World Bank Group, <a href="https://www.mercomindia.com/ifc-invests-%E2%82%B96-billion-in-mahindras-mobility-firm" target="_blank" rel="noopener">announced</a> an investment of ₹6 billion (~$72.9 million) in a subsidiary of Mahindra &amp; Mahindra to expand the reach of affordable electric three-wheelers and small commercial vehicles.</p>
<p>In India, sales of electric vehicles (EVs) <a href="https://www.mercomindia.com/electric-vehicle-sales-q2-2023" target="_blank" rel="noopener">reached</a> 371,340 units in the second quarter of 2023, a year-over-year increase of 66% compared to 223,293 units sold in the same period last year.</p>


Temasek to Invest ₹12 Billion in Mahindra’s Four-Wheeler EV Firm

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