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BII To Invest $300 Million In Indian EVs

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BII plans to invest an additional $300 million in India’s electric vehicle (EV) industry over the next three years, focusing on manufacturing, components, and financing.


British International Investment (BII), the UK’s development finance institution, is making a substantial bet on India’s electric vehicles (EV) ecosystem with plans to invest another $300 million over the next three years. EV penetration in India is about 6%, but BII foresees rapid expansion, potentially doubling and more than doubling by 2030. They anticipate significant adoption in public transportation and increasing traction among passenger cars as more people embrace electric vehicles.


British International Investment (BII), the UK’s development finance institution, has emerged as a significant player in India’s electric vehicle (EV) sector, having already committed approximately $300 million to various facets of the industry. BII’s investments encompass significant backing for Mahindra Group’s EV arm, amounting to nearly $250 million, highlighting their strategic focus on supporting established players in the Indian market. Additionally, BII has diversified its portfolio by investing in promising startups like Euler Motors, specializing in commercial EV manufacturing; Turno, which focuses on EV distribution and financing for small businesses and individuals; and Battery Smart, a network facilitating battery-swapping for electric two– and three-wheelers.

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A representative stated on BII’s ongoing commitment that with an investment of $300 million in the Indian EV space over the last three years, with a continued pace of investment expected moving forward.” The institution recognizes the evolving landscape of EV adoption in India, aiming to bolster investments across manufacturing, components, and financing segments within the EV value chain. Emphasizing its strategy, BII acknowledges the initial challenges of early-stage investments, typically ranging from $5 million to $10 million per venture. Despite potential initial returns, BII remains steadfast in nurturing these investments to scale as companies mature and expand.


Climate initiatives, particularly within the EV sector, are prominent in BII’s investment strategy in India. BII plans to intensify its support across the entire EV value chain, foreseeing substantial investment requirements in manufacturing, components development, and financing solutions. This proactive approach aligns with BII’s broader goal of fostering a robust ecosystem that accelerates the adoption of electric mobility in India, contributing significantly to the country’s green energy transition.

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