Temasek to invest in Mahindra’s EV subsidiary at a valuation of up to INR 80,580 crore / USD $9.8 billion

Mumbai, August 3, 2023 – Mahindra & Mahindra Ltd., a leader in automotive, farm, and services businesses, and Temasek, the Singapore-headquartered global investment firm, have executed a binding agreement for Temasek to invest INR 1,200 crore into MEAL (Mahindra Electric Automobile Limited), the four-wheeler (4W) passenger electric vehicle company.

Temasek will invest INR 1,200 crore in the form of Compulsorily Convertible Preference Shares (‘CCPS’) at a valuation of up to INR 80,580 crore, resulting in Temasek’s ownership of a 1.49% to 2.97% stake in MEAL.