New Delhi: Mahindra & Mahindra on Thursday said India-Japan Fund will invest Rs 400 crore in its unit Mahindra Last Mile Mobility Ltd.
India-Japan Fund (IJF) will invest Rs 400 crore at a valuation of up to Rs 6,600 crore, resulting in IJF’s stake in Mahindra Last Mile Mobility Ltd (MLMML), Mahindra & Mahindra (M&M) said in a statement.
binding contract execution
It said the Mumbai-based automaker and IJF, a fund managed by National Investment and Infrastructure Fund Ltd (NIIF), have entered into a binding agreement in this regard.
MLMML houses the automaker’s last-mile mobility business, comprising three-wheeler (Alpha, Treo, Zor) and four-wheeler SCV (Jeeto) brands.
Anish, Group Chief Executive Officer and Managing Director, Mahindra Group, said, “The strength of our business model has attracted leading investors like first IFC and now IJF, helping us get closer to our mission of being ‘Planet Positive’ by 2040. will help.” Shah said.
India-Japan Fund
IJF is a Rs 4,900 crore (US$600 million) fund in which Japan Bank for International Cooperation (JBIC) and the Government of India are lead investors.
The fund focuses on investments in environmental sustainability and low carbon emission strategies, as well as promoting investment by Japanese companies in India, including collaboration between Indian and Japanese companies.
The investment in MLMML will be IJF’s first investment since the fund’s inception in August 2023.
Cooperation with International Finance Corporation
IJF will join the International Finance Corporation (IFC) as an investor in MLMML.
MLMML was incorporated as a subsidiary of M&M and began commercial operations in September 2023.
Rajesh Jejurikar, Executive Director and CEO (Auto and Farm Sector), M&M, said, “We welcome IJF on this journey as we work towards growing the mass market through technology and sustainable solutions. “
