UK’s BII to invest in new Mahindra EV unit at $9 billion valuation, shares soar

By Nathan Gomes (Reuters) -Mahindra and Mahindra Ltd and British International Investment (BII) will each invest up to $250 million in the automaker’s new electric vehicle unit at a valuation of $9.1 billion, sending the Indian company’s shares soaring on Friday. BII will have a 4.8% ownership in the business, which will focus on four-wheel passenger electric vehicles (EVs). The unit will be wholly owned by Mahindra, the company said in a statement late on Thursday. Mahindra’s shares rose as much as 5.4% to a record high of 1,194.9 rupees on Friday. The new EV unit will use the funds to build …

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