In-principle approval granted for consolidation of Mahindra Electric Mobility Limited with M&M Limited

The Board of Directors of Mahindra & Mahindra Limited (“M&M”) has granted an in-principle approval for consolidation of Mahindra Electric Mobility Limited, a step-down subsidiary of the Company (“MEML”) into the Company. Key Highlights:  – Consolidation would categorise EV operations in two focused verticals: Last Mile Mobility (LMM) and Electric Vehicle Tech Centre. – Simplifying the structure will drive improvements through innovation, execution excellence, efficiencies and economies of scale. It will also unlock shareholder value. – Provide LMM vertical with complete ownership of value chain for last mile mobility solutions to drive growth and execution. – Provide EV Tech Centre with the depth of resources and synergy with M&M’s larger ecosystem of product development capability in MRV, North America and Europe whilst exploring partnerships and alliances. Mahindra is the pioneer of Electric Vehicles and its technology in India. Its EV journey, which is more than two decades old started with ‘Bijlee’, the aptly named and arguably India’s first commercial and roadworthy electric vehicle.  Since then, EVs have been an important part of the business with a range of passenger and commercial vehicles. There are over 32,000 Mahindra EVs on Indian roads which have covered more than 270 million kilometers. From being inducted in the French Presidential fleet with Peugeot