British International Investment aims to invest $300 million in Indian EV Sector

By Team Startupcity  |  Monday, 24 June 2024, 08:58 IST

British International Investment aims to invest $300 million in Indian EV Sector
A prominent development finance organization in UK, British International Investment is wagering enthusiastic about the Indian electric vehicles system and hopes to put one more $300 million in the following three years, as per Managing Director and Head of Technology and Telecoms, Abhinav Sinha. 
The organization, which has upheld Mahindra group's electric vehicles (EV) arm other than different new companies like Euler Motors, Turno and Battery Smart, has previously put around $300 million in the Indian EV industry and sees further venture open doors in EV manufacturing parts and funding sections in the country. 
Briefing about this, Sinha expressed, "India has quite an evolved auto market… On the EV side, the penetration right now lags the rest of the world… The (overall) penetration of EVs in India is something like 6 per cent and we see it quite easily expand, double and more than double quite quickly”.
Sinha was answering a question on how BII – British International Investment sees the EV system in India contrasted with different business sectors on the global level and investment possibilities in the country. 
Sinha stated,  "I would imagine even if it’s not as much as China, it’ll be ahead of Europe and the US in the way it’s going and all the push coming from the government as well as the logic of total cost of ownership,”
"We have invested (USD) 300 million so far in this whole EV space… we’ve backed Mahindra in India, on their EV platform and that’s a very significant investment for us, almost USD 250-million”,
Noting about the upcoming investment plans, Sinha expressed, “What we realised is that a lot of focus has to go on earlier stage investments and these tend to be smaller, even though the number of our typical sizes in these spaces are like USD 5 million to USD 10 million investments. Maybe the numbers may not stack up quite a bit initially but as these companies become bigger we then follow with another investment.”
"EV is probably going to be the largest area for us to invest.” "So, we will continue investing in the manufacturing side and we will extend that in the components and the financing side. It is a space which will take a lot of investment. We will invest across the entire value chain,” Sinha added. 
 
    
 

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