Business
Mahindra & Mahindra to hive off EV car business, ropes in BII as equity partner

India’s automobile major Mahindra & Mahindra Ltd (M&M) will hive off its assets relating to the four-wheeler passenger electric vehicles to a new company in which the British International Investment (BII) will invest upto Rs 1,925 crore for 2.75 per cent to 4.76 per cent stake.
The four-wheeler electric vehicle business is valued at Rs 70,070 crore and will roll out electric sport utility vehicle (SUV) first.
The M&M said it would also invest Rs 1,925 crore in the to be incorporated electric vehicle company (EVCo) and the investment by both the parties will happen in two tranches based on milestones.
The first tranche will be Rs 1,200 crore each to be brought in not later than 30.6.2023 and the second tranche will be of Rs.725 crore each in FY24.
The company’s Board on Thursday approved the hiving off and the investment by BII and M&M.
The sale/hiving off of the EV business is expected to be completed not later than 30.6.2023, the company said.
According to M&M, the BII will invest in Compulsorily Convertible Preference Shares of EVCo which would result in the latter having a stake in the range of 2.75 per cent to 4.76 per cent.
According to M&M, the company has invested about Rs 400 crore in the four-wheeler passenger EV business and its net worth is not tracked separately.
Last year, M&M did not generate any revenue from this business.
The consideration for sale/transfer/hiving off of the identified assets of the four wheel EV business will be settled by the EVCo on arms’ length basis, M&M said.
The EVCo will be a wholly owned subsidiary of M&MA it does not belong to the promoter/ promoter group of the company.
However, the proposed EVCo will significantly leverage the manufacturing capabilities and product development of M&M as also the ecosystem of suppliers, dealers and its financiers.
The M&M also said the total capital infusion for the EVCo. is envisaged to be approximately Rs 8,000 crore/USD 1 billion between FY 24 and FY 27 for the planned product portfolio.
M&M and BII will work jointly to bring other like-minded investors in the EV Co. to match the funding requirement in a phased manner.
“The Mahindra Group aims to be Planet Positive by 2040. Mahindra has been a pioneer in the electric vehicles space, and we are confident we will be the leaders in the electric SUV market in the future,” Dr Anish Shah, MD & CEO, M&M said.
“BII’s anchor investment will be key to attracting additional sources of private capital into this exciting venture with the Mahindra Group,” Nick O’Donohoe, CEO, BII said.
According to Rajesh Jejurikar, Executive Director – Auto & Farm Sectors, M&M, the group will share its vision on the electric sport utility vehicle (SUV) space, product, technology and platform strategy on August 15, 2022 in UK followed by a reveal of the electric XUV 400 in September 2022.
“We would expect between 20 per cent to 30 per cent of Mahindra SUVs being electric by 2027,” he said.
Business
Chhattisgarh CM to showcase new industrial policy during his two-day Mumbai visit

Mumbai, April 22: Chhattisgarh Chief Minister Vishnu Deo Sai will be on a two-day visit to Mumbai from Wednesday, where he will participate in two major national events, including the CMAI Fab Show and the India Steel 2025.
During these events, he will present Chhattisgarh’s new industrial policy, its investment potential and infrastructure vision before leading industrialists and policymakers from across the country.
According to the Chhattisgarh Chief Minister’s office, CM Sai will take part in the Fab Show on April 23, organised by the Clothing Manufacturers Association of India (CMAI). This annual event brings together leaders from garment manufacturing, exports, and branding. The chief minister will highlight the incentives and opportunities available for the textile sector under Chhattisgarh’s new industrial policy. Several major companies are also expected to sign MoUs for investment in the state during this event.
On April 24, Prime Minister Narendra Modi will address the ‘India Steel 2025’ event via video conferencing. CM Sai will also address the inaugural session as the Chief Guest. On this platform, he will present the highlights of Chhattisgarh’s new industrial policy, infrastructure readiness for the steel sector and the state’s long-term development vision.
On the same day, a Chhattisgarh Roundtable Meeting will also be held, where the CM will engage in direct dialogue with potential investors. The discussion will focus on specially developed industrial clusters for the steel sector, logistics infrastructure, single-window clearances, and labour-friendly policies.
CM Sai will also visit the Chhattisgarh State Pavilion set up at the Bombay Exhibition Centre. This pavilion will showcase the state’s robust industrial infrastructure, business-friendly environment, and emerging investment opportunities — aiming to attract national and international investors.
This is CM Sai’s second visit to the financial capital of the country since January this year. During that visit, Chhattisgarh had attracted investment worth Rs 6,000 crore in a range of sectors, including plastic, textile, cement, IT and food processing. He had told the investors that since the launch of the new industrial policy last year, the state had attracted investments of Rs one lakh crore. He had told the investors that the process of no-objection certificates had been streamlined, and clearances were now processed through a single window system.
Crime
Why Bengal govt is taking time to implement SC’s order on cancellation of school jobs: Calcutta HC

Kolkata, April 21: The Calcutta High Court, on Monday, observed why the West Bengal government and West Bengal School Service Commission (WBSSC) are taking time to implement the order by the Supreme Court (SC), cancelling 25,753 teaching and non-teaching jobs in state-run schools.
Acting on a contempt-of-court petition filed against the state government and WBSSC for not implementing the apex court order, Calcutta High Court’s division bench of Justice Debangsu Basak and Justice Shabbar Rashidi also directed the state government and the commission to explain to the court within a day.
The next hearing on the matter will be on April 23, and the state government and the commission will have to submit their explanations on the same day.
Last year, the same division bench of Justice Basak and Justice Rashidi cancelled 25,753 teaching and non-teaching jobs, which is the entire panel of WBSSC for 2016. The state government approached the SC challenging the order.
Earlier this month, the SC division bench of Chief Justice of India Sanjiv Khanna and Justice Sanjay Kumar upheld the order of the Calcutta High Court and also accepted the observation that the entire panel had to be cancelled because of the failure on the part of the state government and the commission to segregate the “genuine” candidates from the “tainted” ones.
Thereafter, the contempt of court petition was filed at the same division bench of the Calcutta High Court, accusing the state government and the commission of not even initiating the termination of jobs of those who have already been identified as “tainted” by the commission itself.
During the hearing in the matter on Monday, the division bench observed that there will be problems if even the “tainted” candidates continue receiving their salaries.
On Monday, the division bench also raised the question of why the Central Bureau of Investigation (CBI) officials are not interrogating those candidates who have already been identified as “tainted.”
The division bench also observed that the CBI should find out how those who were paid money by the “tainted” candidates against jobs.
On Wednesday, the CBI counsel will also have to give an explanation to the court in the matter.
Business
IMF, World Bank see India’s potential as engine of global trade: FM Sitharaman

San Francisco, April 21: Finance Minister Niramala Sitharaman said on Monday that India has become the fastest-growing economy, driven by the “visionary leadership” of Prime Minister Narendra Modi and the stability provided by a continuing government.
Addressing the Indian diaspora in the US, the Finance Minister said, “When we say that India is the fastest-growing economy and when the IMF and World Bank recognise that India can be the engine driving global trade, what they are recognising is the immense potential that exists in India.”
Highlighting the steps to strengthen the Indian economy, Sitharaman said, “During the Covid-19 pandemic, our fiscal deficit went up. But in 2021, we came up with a clear signal as to how we wanted to manage our fiscal deficit. We set year-on-year targets and committed to bringing the fiscal deficit below 4.5 per cent by 2026. And that’s what we have been following each year without fail.”
She said the government’s primary focus under Prime Minister Narendra Modi is achieving ‘Viksit Bharat’ by 2047. This vision encompasses improvements across sectors impacting women, the impoverished, youth, and farmers.
FM Sitharaman highlighted that India prioritises ‘Sunrise Sectors’ and stands out as a leader in Digital Public Infrastructure, driving innovation and growth..
She also said, “Prime Minister Narendra Modi makes it a part of his every overseas visit to connect with the Indian diaspora because he thinks that it is important that India connects with each one of you who, located in whichever part of the world, are doing your best to contribute to the world and stand out as an example.”
Sitharaman is on a five-day visit to the United States. Upon her arrival in San Francisco, she was received by Indian Ambassador Vinay Mohan Kwatra
During the visit, she is slated to deliver a keynote speech at Stanford University and hold discussions with CEOs in San Francisco on investment and technological advancements. The visit will also include participation in diaspora events, enhancing India’s global cultural presence.
In Washington DC, Sitharaman will attend the IMF and World Bank Spring Meetings, and the G20 Finance Ministers and Central Bank Governors meetings. She will also hold bilateral talks on the sidelines with counterparts from the US, the UK, France, Germany, Saudi Arabia, and other countries, as well as top officials from international financial institutions. After completing her US trip, Sitharaman will travel to Peru for a visit from April 26 to 30.
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