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Mahindra Electric open to investments; might launch EV with Ford, says Pawan Goenka

Mahindra Electric open to investments; might launch EV with Ford, says Pawan Goenka

Mahindra Electric open to investments; might launch EV with Ford, says Pawan Goenka
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By CNBC-TV18 Feb 6, 2020 10:02:41 AM IST (Updated)

Mahindra & Mahindra is “completely open” to investments in Mahindra Electric, Pawan Goenka the managing director of the company has said. 

Mahindra & Mahindra is “completely open” to investments in Mahindra Electric, Pawan Goenka the managing director of the company has said.

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Mahindra Electric is the electric vehicle unit of Mahindra & Mahindra.
“Mahindra Electric is totally independent and we are completely open to investment,” Goenka told CNBC-TV18 in an interview. “We would prefer that Mahindra Electric does not remain a 100 percent Mahindra-owned company,” he added.
The Union government has been pushing for electric vehicles on Indian roads. Further, in a bid to reduce vehicle pollution, the automakers in the country will be switching to the BS-VI emission norms from the existing BS-IV later this year.
Goenka said that it important for the EV business to scale and Mahindra will need strategic investments to that end.
“Scale for EVs is very important and we would be sub scale if we do everything on our own. To get larger volumes and reduce cost we need strategic investments,” Goenka said. “We are in conversations with investors.”
However, he added that an initial public offering (IPO) for Mahindra Electric is very far in the future.
“It is too early to talk about an IPO, we need to first work on profitability and bring down our stake … IPO for Mahindra Electric is very far away."
Goenka revealed that Mahindra might bring out an electric vehicle in collaboration with the American car major Ford. But he clarified that Mahindra is looking for an alliance partner and not to get into a joint venture.
“We may bring out an electric vehicle jointly with Ford,” he said. Mahindra Electric may have an alliance but the company is not looking at a JV just for EVs, he added.
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