Mahindra & Mahindra on Thursday said Singaporean state investor Temasek Holdings will invest up to Rs 1,200 crore ($145.02 million) in its EV business at a valuation of Rs 80,580 crores ($9.8 billion).

Temasek will take a 1.49% to 2.97% stake in MEAL (Mahindra Electric Automobile Limited), the four-wheeler passenger electric vehicles company.

Temasek will join British International Investments (BII) as an investor in MEAL. With this investment, Mahindra’s EV subsidiary’s valuation goes up by 15% from up to Rs 70,070 crore to up to Rs 80,580 crore, the company said.

“By having Temasek as an investor, we have strengthened our global strategic partnerships and are targeting 20% to 30% of Mahindra SUV sales from electric vehicles by 2027,” said Rajesh Jejurikar, Executive Director and CEO, Auto & Farm Sectors, Mahindra & Mahindra.

Temasek’s investment in the firm comes as the investor is set to more than double its India investments to $9-10 billion over the next three years.

Temasek, which has injected close to $4 billion into Indian companies over the last 15 months, would continue to do follow-on deals and tighten scrutiny and diligence on potential investments, according to media reports. On average, the company has been investing $1 billion in India every year.

In one of its biggest bets this year, Temasek Holdings pumped in $2 billion for an additional 41% stake in Manipal Health Enterprises, which runs India’s second-biggest hospital chain, taking its total holding to 59%. In May, the company also co-led a $86-million funding round in Mumbai-based consumer appliances brand Atomberg.

At $17 billion, India currently contributes 6% to Temasek’s global portfolio of $287 billion. The share stood at about 5% last year and 3% about five years ago.