Investment Firm Temasek Invests $9.8 Billion in Mahindra's EV Unit

India's Mahindra & Mahindra Ltd. has confirmed that Temasek, a Singapore-headquartered global investment firm, has agreed to invest $9.8 billion into MEAL (Mahindra Electric Automobile Limited), its EV unit. The investment means Temasek will own a stake of between 1.49% to 2.97% stake in MEAL

Temasek has a net portfolio value of USD 287 billion.

Mahindra & Mahindra Ltd., one of India’s leading automotive companies, is building a new battery electric vehicle plant (BEVs) in Pune, Maharashtra.

Dr. Anish Shah, MD & CEO, Mahindra & Mahindra Ltd., says: “We are extremely delighted to have Temasek as a partner in our electric SUV journey. Globally known for their strong governance, Temasek’s investment is a step forward, as we execute our strategy towards future leadership in electric SUVs. The valuation of up to $9.8 billion is testimony to Mahindra’s EV business and the progress we have made in the journey towards scaling up the electric SUV portfolio.”

Rajesh Jejurikar, Executive Director and CEO, Auto & Farm Sectors, Mahindra & Mahindra, adds: “We demonstrated Mahindra’s ambition to build a desirable global brand with the reveal of our born EV portfolio based on the INGLO platform in August 2022 in the UK, which is on track for execution. By having Temasek as an investor, we have strengthened our global strategic partnerships and are targeting 20% to 30% of Mahindra SUV sales from electric vehicles by 2027.”

Founded in 1945, the Mahindra Group has  260,000 employees in over 100 countries.