Indian automaker Mahindra & Mahindra is in talks with global investors to raise between $250 million and $500 million to accelerate its electric car plans (Electric cars), a source with direct knowledge of the issue told Reuters.

Mahindra is in early talks with global green funds and private equity firms, the person said, adding that it needs a long-term investor that can help build its electric car business.

However, some investors in recent months have shown interest in participating in a round of financing worth about $800 million, two banking sources said, adding that they were in talks with the company about such offers.

While Mahindra is not actively looking to raise more than $250-500 million, it is not open to the idea of ‚Äč‚Äčincreasing the size of the deal depending on terms and valuation, the first source said.

“Mahindra wants to bring in a benchmark investor but doesn’t want to dilute a large stake yet,” he said, adding that those plans are at an early stage and could change.


Mahindra’s new EV unit, for which it is raising funds, was valued at $9.1 billion in July after a first round of $250 million from British International Investment (BII).

It was not immediately clear what valuation the investors were offering or what the company was seeking for the new round.

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