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Mahindra buys stake in Zoomcar amid push for electric vehicles

Car rental company to add 500 Evs in 20 Indian cities

The logo of Mahindra and Mahindra at a showroom in Mumbai   © Reuters

MUMBAI (NewsRise) -- Mahindra & Mahindra has picked up a stake in Zoomcar, as India's second-largest utility vehicle maker seeks to entrench its electric vehicle brands in nation's fast-growing car rental market.

Mahindra has taken a 16% stake in Zoomcar Inc., the U.S.-based holding company of the car rental startup, by paying 1.76 billion rupees ($27 million), it said in a statement last week.

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