Mahindra & Mahindra to invest up to Rs 176 crore in Zoomcar
Auto major Mahindra & Mahindra (M&M) today said it will invest up to Rs 176 crore in car and bicycle rental firm Zoomcar India and Zoomcar Inc, its US incorporated holding parent company.
Under the aegis of the deal, Mahindra Group would invest up to Rs 176 crore in Zoomcar India or Zoomcar Inc. Which, when converted to common stock of Zoomcar Inc on a fully diluted basis, would constitute approximately 16 per cent stake in Zoomcar Inc, the company said in a statement.
Mahindra said the company has been keen to invest in the shared mobility space as a part of its strategy to participate in sustainable mobility solutions.
"We are confident that this partnership with Zoomcar will help further our vision to transform mobility in the country, thereby creating a more connected ecosystem," M&M Managing Director Pawan Goenka said.
In November last year, Mahindra and Zoomcar announced a partnership to introduce electric vehicles in the shared mobility space.
Zoomcar recently launched Mahindra e20Plus electric vehicles (EV) across Mysore, Bangalore, and Hyderabad.
Going forward it expects to add over 500 Mahindra EVs across more than 20 cities pan-India, in the first half of 2018," the company added.
Zoom Car India operates a fleet of over 2,500 vehicles in 27 cities across India. For the fiscal year 2017 it had recorded a revenue of Rs 121 crore.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
10:16 AM IST