Singapore State Fund Invests in Indian EV Potential

Singapore’s state-run global investment company Temasek is investing US$194 million as compulsorily convertible preference shares, in Indian multinational automotive manufacturing firm Mahindra and its electric vehicle (EV) unit.

The investment gives the Singaporean fund ownership of a 1.49% to 2.97% stake in Mahindra Electric Automobile Limited (MEAL), Mahindra said in a statement.

Temasek joins British International Investments (BII) as an investor in MEAL, and with this investment, Mahindra’s EV subsidiary’s valuation goes up by 15% to US$9.8 billion. Mahindra added that the breadth of global experience of these marquee investors will be valuable for MEAL.

Anish Shah, MD & CEO, of Mahindra & Mahindra said: “We are extremely delighted to have Temasek as a partner in our electric SUV journey. Globally known for their strong governance, Temasek’s investment is a step forward, as we execute our strategy towards future leadership in electric SUVs.”

“The valuation of up to $9.8 billion is testimony to Mahindra’s EV business and the progress we have made in the journey towards scaling up the electric SUV portfolio.”