India’s own car manufacturer Mahindra and Mahindra Group is preparing to form a new company as part of its focus on the production of Y-Duta cars. It is reported that the company will prepare to manufacture electric vehicles before June 2023.
E.V. It is reported that the new company will be prepared under the name of Co. British International Investment (BII), the British government’s investment arm, has agreed to invest Rs 1,925 crore in the company, which is gearing up for electric vehicles. Mahindra is also expected to invest a similar amount in the company.

The company stated that the first phase of investment will be completed before June 2023. An investment of Rs 1,200 crore will be made in the first phase and Rs 725 crore in the second phase. The Board of Directors of Mahindra & Mahindra has given permission to form the new company and receive investment from BII.

The company assures that by 2027, up to 30 percent of Mahindra’s SUVs will be electric models.