Japanese conglomerate SoftBank, who has been aggressively investing in the Indian start-up system, is reportedly considering buying a minority stake in Mahindra Electric Mobility.
According to a Business Standard report, the two companies have begun preliminary talks for an alliance.
Mahindra’s Electric Vehicle manufacturing arm is a subsidiary of Mahindra & Mahindra, said a few weeks ago that it is looking for a private equity investor or a strategic partnership.
However, so far there hasn’t been any confirmation by the two companies. Both companies have declined to comment when approached.
The report further adds that it is uncertain if a deal will be finalized. Mahindra Electric Mobility is also in talks with potential investors from various categories, including those who can help the company develop EVs, chargers, power trains and other such products.
Mahindra Electric Mobility’s Chief Executive Officer (CEO) Mahesh Babu had on January 21 said that they are also looking at supplying EV technology to companies outside the Mahindra Group.
Electric Vehicle market has been the core focus of investment at the Japanese conglomerate. SoftBank had earlier invested $250 million in Ola Electric Mobility, which is valued at $1 billion.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at email@example.com.