CURRENT AFFAIRS : BANKING & FINANCE
World Bank’s IFC to invest $73 million in Mahindra’s last mile mobility unit
- Indian automaker Mahindra and Mahindra stated that World Bank’s private investment arm, International Finance Corp (IFC), will invest 6 billion rupees ($72.58 million) in the company’s last mile electric mobility unit.
- The investment is the IFC’s first in an electric vehicle maker in India.
- The investment, which will be in the form of compulsory convertible instruments, will value the unit at 60.20 billion rupees.
- IFC will own about a 9.97%-13.64% stake in the newly formed company.
- Indian automakers and startups, such as Tata Motors, ElectricPe and Yulu, are jumping into the space and attracting multiple investments.
