This final tranche of investment is expected to be completed by March 31, 2025, bringing BII’s total investment in Mahindra Electric to Rs 18.5 billion ($216.28 million), resulting in a shareholding of 2.64% to 4.58% on a fully diluted basis.

BII has already invested Rs 12 billion ($140.27 million) in the company. Mahindra confirmed that the change in investment will not affect Mahindra Electric’s business plan or strategic objectives.

Mahindra plans to invest Rs 120 billion ($1.43 billion) in Mahindra Electric by 2027, with expectations to generate sufficient operating cash from the auto division to fund capital needs without additional external financing.