Khaitan & Co acts on Temasek investment in Mahindra Electric Automobile

Singapore's sovereign wealth fund, Temasek is investing up to ₹1,200 crores, in one or more traches, in Mahindra Electric Automobile Limited (MEAL).

Temasek will invest the amount in the form of compulsory convertible instruments at a valuation of up to ₹80,580 crores, resulting in 1.49% to 2.97% ownership for Temasek in MEAL. Temasek will join British International Investments (BII) as an investor in MEAL.

Khaitan & Co acted as the legal counsel to Mahindra & Mahindra and Mahindra Electric Automobile Limited for the transaction documents and structuring (including drafting, negotiating, finalising the transaction documents) and general legal advisory.

With this investment, Mahindra’s EV subsidiary’s valuation has gone up by 15% to ₹80,580 crores and M&M is now the largest valued EV company in India.

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