Temasek to invest Rs 1,200 crore in M&M's EV subsidiary

Jongsong Investments Pte Ltd ("Temasek") has agreed to invest Rs 1,200 crore in Mahindra Electric Automobile Limited (MEAL), a subsidiary of Mahindra & Mahindra, or M&M, the company informed through its regulatory filing on Thursday. The investment will be made in one or more tranches, under the terms and conditions stipulated in the agreement, valuing MEAL up to Rs. 80,580 crore.

Temasek to get a 1.49 per cent to 2.97 per cent stake in Mahindra Electric Automobile Limited.

"Temasek has agreed to invest Rs. 1,200 crores in MEAL, in one or more tranches, in accordance with the terms and conditions as stipulated in the aforesaid agreement, valuing MEAL up to Rs 80,580 crore," the regulatory filing read. 

Temasek Holdings (Private) Limited is a global investment company with a net portfolio value of US$287 billion (S$382 billion) as of March 31, 2023.

Shares of Mahindra & Mahindra Ltd (M&M) quoted Rs 1465.4 apiece, down 1.37 per cent on BSE. The stock was down for the second trading session and has lost nearly 2 per cent during this period.

The company recently announced its auto sales numbers. The vehicle sales in July 2023 were recorded at 66,124 units. This figure reflects an 18 per cent increase compared to the sales of 56,100 units in July of the previous year. Moreover, the company's performance in June 2023 was also commendable, with 62,429 vehicles sold during that month. 

In the agricultural sector, M&M witnessed growth in tractor sales as well.

M&M share price: Past performance

Shares of Mahindra & Mahindra have gained over 16 per cent in 2023 so far, against Nifty's rise of over seven per cent. 

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.