Mahindra & Mahindra Ltd has now officially confirmed that it will invest Rs 12,000 crore in its electric vehicle (EV) unit, this budget is set for until 2027. Mahindra Electric Automobile Limited, a subsidiary of M&M, has been incorporated on October 25, 2022 in India. Total Income of MEAL for the year ended March 31, 2024 was Rs 56.96 crores.
Official Statement
"The investment will accelerate the growth of 4 (Four) Wheel Passenger Electric Vehicles Business and to get growth capital to fund the said business. MEAL will significantly leverage the manufacturing capabilities and product development of M&M as also its ecosystem of suppliers, dealers and financiers. The funds infused by M&M will be utilised by MEAL primarily to create and market a world-class Electric SUV portfolio with advanced technologies.
The investment will help M&M to leverage their focus and expertise in ESG and climate change," said M&M. The homegrown automaker’s standalone revenue from operations rose 11 percent to Rs 25,109 crore in Q4FY24 as against Rs 22,571 crore a year ago.
