News: As per media sources, M&M is looking to raise ~US$ 1.3 billion (I 10,000 crore) over FY24E-25E for funding its growth ambition in the electric PV space. At the time of last fund raise, the said entity was valued at an upper band of ~US$9 billion
Views: We believe this is a positive development as this will limit cash outgo for the group in capex spends for its ambitions in the electric PV space. The market is yet to ascribe any value to M&M's electric PV arm and with any fresh equity raise in this domain, we expect it to steadily ascribe value to it. M&M plans to sell ~2 lakh EVs by FY27E with ~20-30% of SUV sales to be electric in that time frame
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