NEW DELHI (Reuters) – India’s Mahindra & Mahindra may invest in a battery cell business to ensure its future electrification needs are met, its chief executive said, after the group raised funds for its new electric vehicle entity valuing it at 9.1 billion dollars (8.9 billion euros).
Mahindra raised $250 million from British International Investment on Thursday and is exploring a partnership with Volkswagen AG to source electrical components such as batteries and motors.
The agreement with the German manufacturer will allow Mahindra to cover its battery needs “in the short and medium term”, added Anish Shah, but the group is open to the idea of an “investment with a global leader” in the battery cell sphere for its longer-term supplies.
Mahindra plans to launch five electric SUVs over the next few years.
(Aditi Shah, Gilles Guillaume for the French version)
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