Indian automaker Mahindra and Mahindra Ltd said on Wednesday that World Bank member International Finance Corp (IFC) will invest 6 billion rupees ($72.58 million) in the company's electric last mile mobility unit.

The investment, which will be in the form of compulsory convertible instruments, will value the unit at 60.20 billion rupees and result in an ownership of about 9.97% to 13.64% for IFC in the newly incorporated company. ($1 = 82.6700 Indian rupees) (Reporting by Dimpal Gulwani in Bengaluru; editing by Eileen Soreng)