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Mahindra Said to Be in Talks to Raise Up to $500 Million to Accelerate Plans to Build Electric Vehicles in India

Indian automaker Mahindra & Mahindra is in talks with global investors to raise between $250 million and $500 million (roughly Rs. 4,040 crore) to accelerate its plans to build electric vehicles (EVs), a source with direct knowledge of the matter told Reuters.

Mahindra is in early talks with global green funds and private equity firms, the person said, adding that it wants a long-term investor who can help build out its EV business.

Some investors, however, in recent months have shown interest in participating in a funding round of worth around $800 million (roughly Rs. 6,470 crore), two banking industry sources said, adding that they have held talks with the company about such offers.

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