NIIF's India-Japan Fund to Infuse ₹400cr in Mahindra & Mahindra's Last-Mile Mobility Business According to the details released, IJF will infuse INR 400 crore at a valuation of up to INR 6600 Crore. This strategic investment will see IJF's ownership ranging between 6.06% and 8.25% in MLMML

Mahindra & Mahindra Ltd, an automotive manufacturing player, and National Investment and Infrastructure Fund Limited have entered into a binding contract, where the latter will invest INR 400 crore in M&M's Mahindra Last Mile Mobility Limited.

The capital will be provided to M&M through NIIF's India-Japan Fund. Being an INR 4900 crore fund, this is the first investment for IJF after being set up in August 2023. The fund has the Japan Bank of International Cooperation ("JBIC") and the Government of India as anchor investors. "The fund focuses on investing in environmental sustainability and low carbon emission strategies, while also promoting investments by Japanese companies into India, including collaboration between Indian and Japanese companies," read the official release.

According to the details released, IJF will infuse INR 400 crore at a valuation of up to INR 6600 Crore. This strategic investment will see IJF's ownership ranging between 6.06% and 8.25% in MLMML.

The beneficiary subsidiary's offerings include three-wheelers (Alfa, Treo, Zor) and four-wheeler SCV (Jeeto) brands. IJF will join the International Finance Corporation ("IFC") as an investor in MLMML.

"At Mahindra Group, we are committed to developing sustainable mobility solutions that help in accelerating the decarbonization of the transport sector," shared Dr. Anish Shah, Group CEO & MD, Mahindra Group. Founded in 1945, the Mahindra Group is one of the leading multinational conglomerates with 260000 employees in 100+ countries. The group incorporated MLMML as a subsidiary and began commercial operations in September 2023.

"The large-scale electrification of the last mile mobility segment holds tremendous promise as it offers profitable solutions to micro-entrepreneurs and all our efforts are directed towards increasing penetration and adoption. We welcome IJF in this journey as we work towards growing the market at scale through technology and sustainable solutions," shared Rajesh Jejurikar, Executive Director and CEO, Auto & Farm Sectors, Mahindra & Mahindra.

Krishna Kumar G, Partner, India Japan Fund, NIIF said on the occasion, "The fund's investment in MLMML not only underlines our dedication to promoting sustainable and innovative mobility solutions, but also strengthens partnership between India and Japan in high-growth sectors."