M&M Can Invest In EV Battery Cell Maker, But Will Not Become A Maker

There are people who do it (battery manufacturing) very well. We can partner with them; we could be a co-investor in some form: M&M CEO Anish Shah

Last week, the company announced raising INR 1,925 Cr for its new EV unit from British International Investment at a valuation of INR 70,070 Cr

M&M also signed an agreement with Volkswagen in May to use components such as electric motors, battery system parts and battery cells sourced from the German company

At a time when India is exploring ways to become self-reliant in…