Mahindra & Mahindra To Invest INR 12,000 Crore In Its EV Unit Networth of MEAL as on March 31, 2024 stood at INR 3,207.14 crore. The revenue from operations of MEAL for FY24 was nil.
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Mahindra & Mahindra Ltd said on Thursday said that the company will invest Rs 12,000 crore in its electric vehicle unit over a period of three years up to March 2027.
Mahindra Electric Automobile Limited (MEAL), a subsidiary of M&M, has been incorporated on October 25, 2022 in India. Total Income of MEAL for the year ended March 31, 2024 was INR 56.96 crores.
Networth of MEAL as on March 31, 2024 stood at Rs 3,207.14 crore. The revenue from operations of MEAL for FY24 was nil.
"The investment will accelerate the growth of 4-Wheel Passenger Electric Vehicles Business and to get growth capital to fund the said business. MEAL will significantly leverage the manufacturing capabilities and product development of M&M as also its ecosystem of suppliers, dealers and financiers," the company said.
It further stated, the funds infused by M&M will be utilised by MEAL primarily to create and market a world-class Electric SUV portfolio with advanced technologies. The investment will help M&M to leverage their focus and expertise in ESG and climate change.
M&M said on May 16 that its standalone net profit rose 32 per cent in March quarter to INR 2,038 crore owing to robust performance of the automotive segment, favourable product mix, and operating leverage benefits. It reported standalone net profit of INR 1,549 crore in the year-ago period.
The homegrown automaker's standalone revenue from operations rose 11 per cent to INR 25,109 crore in Q4FY24 as against INR 22,571 crore a year ago.
