SUV maker Mahindra & Mahindra (M&M) has said it will invest an additional Rs 4000 crore for expansion at its Chakan plant.
The investment will take place over seven years and take the total investment in Chakan to Rs 8,000 crore.
A agreement for the added investment was signed today by Apurva Chandra, Principal Secretary (Industries), Government of Maharashtra and Dr Pawan Goenka, Executive Director, M&M Ltd.
Elaborating on their expansion plans, Anand Mahindra, Chairman, Mahindra Group, said, "The Mahindra Group would like to express its deep and sincere gratitude to the Government of Maharashtra for its visionary industrial policies and efficient governance practices. This has prompted us to take the decision to scale up our world class Chakan plant, making Maharashtra a key partner in our growth over the coming years.”
The money will be utilized towards infrastructure development, product development and capacity expansion for vehicles to be rolled out from the Chakan plant. The Maharashtra government has conferred ‘Ultra Mega Project’ status to this proposed expansion.