Mahindra & Mahindra Ltd (M&M Ltd) has announced that it will make an additional investment at of Rs 500 crore in its Chakan plant in Maharashtra. The company will invest in its Electric Vehicle (EV) Project under the new EV Policy of the Government of Maharashtra.
The investment for EV and EV components is in addition to its ongoing expansion plan in Chakan which includes an initial investment of Rs. 6,500 crore. This additional investment of Rs. 500 crore will be utilised towards product development and capacity enhancement for electric vehicles and related components.
The MoU was signed by Sunil Porwal, Additional Principal Secretary (Industries), Government of Maharashtra and Dr. Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd. in the presence of Devendra Fadnavis, Chief Minister, Government of Maharashtra and other dignitaries present at the Magnetic Maharashtra Conference currently underway in Mumbai.
Dr. Goenka said, "We are delighted to announce the next phase of our Electric Vehicles expansion plan at Chakan and would like to thank the Government of Maharashtra for its new EV Policy which is a proactive step in electric mobility. The implementation of projects under this EV Policy will certainly make the state a leader in manufacturing of EV and EV components, promoting greater use of these vehicles. We have no doubt that the state will attract large EV related investments and emerge as a front runner in the EV race.”
Source: Mahindra & Mahindra
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