Press Release

NIIF’s India-Japan Fund to invest Rs. 400 Crore at a valuation of up toRs. 6600 Crore in Mahindra Last Mile Mobility Limited
Mumbai, January 11, 2024 – Mahindra & Mahindra Ltd. (“M&M”), a leader in automotive, farmand services businesses, and India-Japan Fund (“IJF”), a fund managed by National Investment
and Infrastructure Fund Limited (“NIIF”) have executed a binding agreement for IJF to invest
Rs. 400 Crore in Mahindra Last Mile Mobility Limited (“MLMML”), which houses M&M’s last-milemobility business including three wheelers (Alfa, Treo, Zor) and four-wheeler SCV (Jeeto) brands.
IJF is a Rs. 4900 Crore (USD 600 Million) fund, with Japan Bank of International Cooperation(“JBIC”) and Government of India as anchor investors. The fund focuses on investing inenvironmental sustainability and low carbon emission strategies, while also promoting
investments by Japanese companies into India, including collaboration between Indian andJapanese companies.The investment in MLMML will be IJF's first investment after the fund wasset up in August 2023.
IJF will invest Rs. 400 Crore at a valuation of up to Rs. 6600 Crore, resulting in IJF’s ownership
ranging between 6.06% and 8.25% stake in MLMML.
IJF will join International Finance Corporation (“IFC”) as an investor in MLMML.The wealth ofexpertise of these marquee investors will be leveraged to drive the continued growth of MLMML.
MLMML was incorporated as a subsidiary of Mahindra & Mahindra Ltd. and commenced
commercial operations in September 2023, pursuant to closing of Asset Transfer and BusinessTransfer Agreements with M&M.
Dr. Anish Shah, Group CEO & MD, Mahindra Group, said, “We are delighted to have NIIF asa partner in our last mile mobility journey through IJF. At Mahindra Group, we are committed todeveloping sustainable mobility solutions that help in accelerating the decarbonization of thetransport sector. The robustness of our business model has attracted marquee investors such as
IFC in the past and now IJF, which will help us move closer to our mission to be ‘Planet Positive’by 2040.”"We are excited to announce NIIF’s partnership with Mahindra Group by way of IJF’s investment
in Mahindra’s last mile mobility business, reflecting the fund’s commitment to invest in low carbon
emission strategy opportunities. The fund’s investment in MLMML not only underlines ourdedication to promoting sustainable and innovative mobility solutions, but also strengthens
partnership between India and Japan in high-growth sectors. Together with our partners JBIC, webelieve that our investment in MLMML should yield transformative results in the last-mile mobility
domain, driving economic growth, generating employment and ensuring environmental
sustainability,” said, Krishna Kumar G, Partner, India Japan Fund, NIIF.

Rajesh Jejurikar, Executive Director and CEO, Auto & Farm Sectors, Mahindra & Mahindra,commented, “MLMML is a pioneer in revolutionizing the electric three-wheeler growth in India,
enabling customer prosperity including employment generation and providing sustainable last
mile connectivity. It is a market leader in this segment, and was awarded the first automotive
Production Linked Incentive (“PLI”) certificate. The large-scale electricifcation of the last milemobility segment holds tremendous promise as it offers profitable solutions to microentrepreneurs and all our efforts are directed towards increasing penetration and adoption. We
welcome IJF in this journey as we work towards growing the market at scale through technology
and sustainable solutions.”
About Mahindra
Founded in 1945, the Mahindra Group is one of the largest and most admired multinational
federation of companies with 260000 employees in over 100 countries. It enjoys a leadership
position in farm equipment, utility vehicles, information technology and financial services in Indiaand is the world’s largest tractor company by volume. It has a strong presence in renewableenergy, agriculture, logistics, hospitality, and real estate. The Mahindra Group has a clear focus
on leading ESG globally, enabling rural prosperity and enhancing urban living, with a goal to drive
positive change in the lives of communities and stakeholders to enable them to Rise.
Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise/ For
updates subscribe to https://www.mahindra.com/news-room
About National Investment and Infrastructure Fund Limited (NIIF)
NIIF is a collaborative investment platform for international and Indian investors, anchored by theGovernment of India, which manages funds with investments in different asset classes anddiversified sectors that generate attractive risk-adjusted returns. NIIF manages over USD 4.9
Billion of equity capital commitments across its four funds – Master Fund, Private Markets Fund,
Strategic Opportunities Fund, and India-Japan Fund, each with a distinct investment strategy
committed to support the country’s growth needs.
IJF is NIIF’s first bilateral fund with a corpus of ~ Rs. 4900 Crore, with the Government of India(“GoI”) contributing 49% and the remaining 51% contributed by the Japan Bank for International
Cooperation (“JBIC”), a policy based financial institution wholly owned by the Government ofJapan. IJF focuses on investing in India’s environmental preservation sector, including renewableenergy, e-mobility businesses, and circular economy sectors such as waste management, andwater. Moreover, IJF also aims to promote investments by Japanese companies in India, including
collaboration between Indian and Japanese companies across sectors.
Media contact information:
For Mahindra
Gaurav Bhat
Account Director
Adfactors Public Relations
Email: gaurav.bhat@adfactorspr.com
For NIIF
Viraj Nair
VP – Communications
NIIF
Email: viraj.nair@niifindia.in