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
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.”
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