India: MEAL E-Mobility (an investment through BII India EV LLP)

approved

The transaction (the “Project”) entails an equity investment of USD50 million in a British International Investment (“BII”) managed vehicle, BII India EV LLP which already has an equity stake in Mahindra Electric Automobile Limited (“MEAL”), a subsidiary of Mahindra & Mahindra Limited (“M&M”). MEAL was incorporated in India in 2022 to house M&M's four-wheeler passenger utility electric vehicle (EV) business. In May 2024, M&M announced an investment of INR12,000 crores in MEAL to fund its EV journey over the next three years. M&M group is one of the largest conglomerates in India with 50+ years of experience. It operates 20+ businesses, with 260,000 employees in 100+ countries, 69 manufacturing facilities and 21 research and development centers across 7 countries. The group has a strong presence in sectors such as automotive, farm equipment, renewable energy, logistics, hospitality and real estate. M&M is the market leader in India in the sports utility vehicles category with a revenue market share of ~21.9% as of September 2024.