The Sponsor, M&M, is the flagship company of the Mahindra Group which is one of India’s oldest and most reputed business groups with a footprint in 100+ countries and ~260,000 employees.                                                  

 The total Project capex is approximately US$113 million. IFC will fund up to approximately US$73 million, which will go towards capex, working capital requirements, etc.  in the form of compulsorily convertible instruments.                                                  

 The Project location will be India.                                                  

This is a Category B project as per IFC’s Policy on Environmental and Social Sustainability. Key E&S risks associated with the project are typical risks associated with any manufacturer of electric vehicles including EVs for last mile mobility and includes: i) the new Company’s management and monitoring systems to assess and manage E&S risks and impacts from construction and operation of the new production facility; ii) consistent management of labor and working conditions and occupational health and safety (OHS) policies and practices, workers engaged by third parties and supply chain; iii) resource efficiency, pollution prevention, hazardous waste (including e-wastes and battery wastes) and management of hazardous materials; iv) community health and safety risks including EV safety, traffic & transport, and security personnel; and v) stakeholder engagement and the associated community grievance mechanisms.