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Mahindra & Mahindra has executed a binding agreement with Temasek for the latter to invest Rs 1,200 crore into Mahindra Electric Automobile Ltd (MEAL), valuing the EV arm at Rs 80,580 crore, M&M said in a regulatory filing.
In a regulatory filing late Thursday night, the company's executive director (for its auto and farm division), Rajesh Jejurikar, said that M&M expects 20 per cent to 30 per cent of its SUVs to be electric by 2027. He also pointed out that the company will reveal its first EV -- the XUV400 -- in September this year.