Mahindra Electric Mobility, the electric vehicles (EV) arm of Mahindra and Mahindra, will be merged into the parent company as part of its EV strategy according to a notice to the stock exchanges on Friday evening.
The company had earlier been scouting for investors in Mahindra Electric and it is unclear whether a consolidation means that it will no longer take new partners onboard.
“Electric vehicles will be the future of the automotive business. To be future-ready, we believe that the EVs should be part of the core and mainstream business,” Rajesh Jejurikar, executive director at M&M said in a statement.
Post consolidation, the company will divide EV operations into two verticals, Last Mile Mobility (LMM) and Electric Vehicles Tech Centre. Mahesh Babu, the managing director and chief executive of Mahindra Electric will lead the LMM division.