The investment will be done for the next three years to accelerate the growth of 4 (Four) wheel passenger EV business and to achieve growth capital to fund the said business. “MEAL will significantly leverage the manufacturing capabilities and product development of the Company as also the ecosystem of suppliers, dealers and financiers of the company,” stated its exchange filing.
The funds will be utilised by MEAL to create and market a world-class Electric SUV portfolio with advanced technologies. The investment will further aid to leverage the company’s focus and expertise in ESG and climate change.
The company currently holds 99.99% of the paid up equity share capital of MEAL and BII has a nominal shareholding of 100 equity shares of MEAL, the filing added.
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