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Mahindra & Mahindra announced that the company entered into an asset transfer agreement with its subsidiary Mahindra Electric Automobile Limited (MEAL) for the transfer of assets related to four-wheeler passenger electric vehicles.
MEAL was incorporated in 2022 and the balance of assets will be transferred by June 30, 2026.
“The investment of up to ₹1,925 crore in EVCo by the company and BII each would take place in two or more tranches i.e. investment of up to ₹1,200 crore will happen on fulfilment of conditions precedent and is expected to be completed not later than March 31, 2024,” informed the company in a stock exchange filing.
Further, Mahindra & Mahindra stated the total investment of the company in the said assets classified as capital work in progress as per the audited financial statements for the year ended March 31, 2022 is approximately ₹230 crore, which constitutes 0.6 per cent of the total net worth of the company as of March 31, 2022.
The company last year had signed a subscription agreement with British International Investment Plc for investment in MEAL of ₹1,925 crore.
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