Mahindra Said The Company Has Been Keen To Invest In The Shared Mobility

Auto major Mahindra & Mahindra today said it will invest up to Rs 176 crore in car and bicycle rental firm Zoomcar India and Zoomcar Inc, its US incorporated holding parent company.

Under the aegis of the deal, Mahindra Group would invest up to Rs 176 crore in Zoomcar India or Zoomcar Inc. which, when converted to common stock of Zoomcar Inc on a fully diluted basis, would constitute approximately 16 percent stake in Zoomcar Inc, the company said in a statement.

Mahindra said the company has been keen to invest in the shared mobility space as a part of its strategy to participate in sustainable mobility solutions.

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