Mahindra to Invest Rs. 500 Crore for Electric Vehicles & Electric Vehicle Components in Chakan
Mahindra & Mahindra Ltd today have announced, that they would be making an additional investment at its Chakan plant in Maharashtra for its Electric Vehicle business. This would be a part of its expansion plans. Mahindra will invest over ₹ 500 crores in its Electric Vehicle Project under the new EV Policy of the Government of Maharashtra it stated today. Mahindra has already committed to invest Rs 6500 crores in its ongoing expansion plan in Chakan and this fresh investment will add to that. The company further stated that the additional investment of Rs. 500 Crore will be would be used for product development and capacity enhancement for electric vehicles and related components needed for it.
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.”
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.
The Mumbai based company had recently showcased a string of Electric concept vehicles at the recently concluded 2018 Auto Expo and is all gearing up to get them finalised and produced seeing this investment announcement. Watch this space for more on Mahindra Electric vehicles.
