Homegrown auto major Mahindra & Mahindra (M&M) today announced investment of Rs 2,000 crore in Tamil Nadu, adding that the amount can be doubled by 2022.
“Mahindra & Mahindra Ltd is signing an MoU with the Government of Tamil Nadu wherein it commits to invest Rs 2,000 crore including its investments in Mahindra Research Valley (MRV), a new test track for MRV and an automotive plant to meet the company’s future needs over the next five years,” the company said in a BSE filing.
It further said, “The company could also increase the investment to Rs 4,000 crore by 2022, for which it can decide over the next few years.”
MRV is located at Mahindra World City, Maraimalai Nagar, near Chennai. The MRV test track and the new plant would be set up on about 450 acres of land at Cheyyar near Kancheepuram.
“The MoU also provides details of the package of incentives that would be commensurate with the level of investment commitment,” it added.
Shares of M&M were trading at Rs 1,176.75, up 2.67 per cent from its previous close on BSE.