The company’s subsidiary will make the investment of Rs. 10,000 Crore over the next 7-8 years for setting up the EV manufacturing facility
The automotive leader Mahindra & Mahindra Ltd. (M&M Ltd.) recently announced that their investment of Rs. 10,000 Crore for electric vehicles has been approved under the Maharashtra Government’s industrial promotion scheme for Electric Vehicles. As per the approved plan, the company’s subsidiary will make this investment over the next 7-8 years for setting up the manufacturing facility, development, and production of Mahindra’s upcoming Born Electric Vehicles (BEVs), some of which were showcased in Oxfordshire, UK, in August this year.
The official notification pointed out that these are based on the state-of-the-art INGLO EV Platform, and include the e-SUVs under the iconic brand – XUV with the Twin Peak logo in copper and the all-new electric-only brand called ‘BE’.
Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, Mahindra & Mahindra Ltd., remarked, “We are delighted with this approval from the Govt. of Maharashtra for setting up our EV Manufacturing Plant in Pune, and investing in what has been our ‘home’ state for over 70 years. We are very thankful to the Govt. of Maharashtra for their continued support. The Government’s focus on ‘ease-of-doing-business’ and progressive policies, together with Mahindra’s investment, will act as a catalyst for Maharashtra to become India’s EV hub, attracting further Indian and Foreign Direct Investment.”
Founded in 1945 and spread in over 100 countries, the Mahindra Group is one of the largest multinational federation of companies. It is a leader in sectors like farm equipment, utility vehicles, information technology and financial services in India and claims to be the world’s largest tractor company by volume. The Mahindra Group is focussing on leading ESG globally, enabling rural prosperity and enhancing urban living.
