BII bullish on Indian EV ecosystem, expects to invest $300 mn in 3 yrs: MD

British International Investment, UK's development finance institution, is betting big on the Indian electric vehicles ecosystem and expects to invest another USD 300 million in the next three years, according to its MD and Head of Technology & Telecoms, Abhinav Sinha.

The company, which has backed Mahindra group's electric vehicles (EV) arm besides other startups like Euler Motors, Turno and Battery Smart, has already invested around USD 300 million in the Indian EV sector and sees further investment opportunities in EV manufacturing, components and financing segments in the country.

"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 told PTI in an interview.

He further said, "the leader today is China, but for India to be significantly ahead of where it is ...