March 2023, the International Finance Corporation (IFC) committed to invest Rs 600 Crore (in one or more tranches), at a valuation of up to Rs
6020 Crore, in a new company housing the last
mile mobility division of Mahindra Group.
Mahindra Last Mile Mobility Limited (MLMML) was incorporated as a
subsidiary of Mahindra & Mahindra Ltd. (M&M), and it commenced commercial
operations in September 2023, pursuant to closing of Asset Transfer Agreement
and Business Transfer Agreements with M&M. MLMML has since completed other
regulatory and procedural requirements and has received the first tranche of Rs
300 crore from IFC. This partnership with
IFC reflects the shared values and ambitions both entities have demonstrated in
their commitment to sustainable, inclusive, and clean mobility solutions. MLMML
will accelerate the green transition of the automotive industry in support of
India’s climate targets.
will focus on scaling last mile passenger and cargo transportation solutions.
Ms. Suman Mishra will lead MLMML as its Managing Director and CEO.
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