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    M&M   INE101A01026

MAHINDRA AND MAHINDRA LTD

(M&M)
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India's Mahindra considering funding options for EV supercar unit - Bloomberg News

09/29/2021 | 01:07am EST
FILE PHOTO: An employee walks past a Mahindra TUV300 car at a showroom in Mumbai

BENGALURU (Reuters) - Mahindra & Mahindra Ltd is considering options to raise funds for its unit Automobili Pininfarina, as the Indian automaker looks to start production of its $2.2 million electric hypercar, Bloomberg News reported.

The Munich-based luxury electric vehicle unit had in 2019 rolled out a prototype of its 1,900-horsepower Battista, which had a top speed of 350 km/hour and a range up to 500 km in a single charge.

Mahindra's options include a merger with a blank-check company and a potential overseas listing of the EV supercar business.

It could seek to value the unit at around $500 million in any deal, the report said, citing people with knowledge of the matter.

The company declined to comment on the report, while Automobili Pininfarina did not immediately respond to Reuters request for comment outside business hours.

Automobili Pininfarina originally planned to build 150 cars beginning 2020, but now deliveries are due to start early in 2022, the report said, citing a spokesperson for Automobili Pininfarina.

Mahindra bought a 76.06% stake in Turin-based Pininfarina, the designer of some of the most iconic Ferrari, Alfa Romeo and Maserati models, in 2015 for $28 million.

As part of its push to become a key player in the high-end electric vehicles segment, it set up Munich-based Automobili Pininfarina in 2018.

(Reporting by Vishwadha Chander in Bengaluru; Editing by Arun Koyyur)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MAHINDRA AND MAHINDRA LTD -1.48% 836.95 Delayed Quote.17.89%
PININFARINA S.P.A. 0.21% 0.952 Delayed Quote.-16.24%
TECH MAHINDRA LIMITED -2.23% 1593.3 Delayed Quote.67.45%
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Financials
Sales 2022 550 B 7 305 M 7 305 M
Net income 2022 45 309 M 602 M 602 M
Net cash 2022 40 289 M 535 M 535 M
P/E ratio 2022 21,6x
Yield 2022 1,02%
Capitalization 929 B 12 349 M 12 351 M
EV / Sales 2022 1,62x
EV / Sales 2023 1,36x
Nbr of Employees 260 000
Free-Float 71,7%
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Last Close Price 836,95 
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Managers and Directors
Anish Dilip Shah Chief Executive Officer, MD & Director
Manoj Bhat President & Group Chief Financial Officer
Anand Gopal Mahindra Executive Chairman
Mohit Kapoor Group Chief Technology Officer & Executive VP
Narayan Shankar Secretary, Compliance Officer & Executive VP
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