Mahindra & Mahindra Ltd today announced to make an additional investment at its Chakan plant in Maharashtra in the presence of the Government of Maharashtra. Mahindra is expanding its Electric Vehicle portfolio. As part of its expansion plans, the company will invest over Rs. 500 crores in its Electric Vehicle (EV) Project under the new EV Policy of the Government of Maharashtra.
The MoU was signed by Shri Sunil Porwal, Additional Principal Secretary (Industries), Government of Maharashtra and Dr. Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd. in the presence of Shri Devendra Fadnavis, Hon’ble Chief Minister, Government of Maharashtra and other dignitaries present at the Magnetic Maharashtra Conference currently underway in Mumbai.
Speaking on the occasion, Dr. Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd. 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.”
Mahindra make an addition investment for its Electric Vehicle (EV) and Electric Vehicle (EV) components to its ongoing expansion plan in Chakan which includes an initial investment of Rs. 6,500 crores. This additional investment of Rs. 500 crores will be utilized towards product development and capacity enhancement for electric vehicles and related components.