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M&M to invest Rs.4,000 cr on Chakan plant expansion
Auto major Mahindra & Mahindra (M&M) will invest Rs 4,000 crore over a 7-year period to double the production capacity of its facility at Chakan in Maharashtra to 7.5 lakh units annually.
Mumbai: Auto major Mahindra & Mahindra (M&M) will invest Rs 4,000 crore over a 7-year period to double the production capacity of its facility at Chakan in Maharashtra to 7.5 lakh units annually.
The company, which had earlier put on hold the expansion at the plant, said the fresh infusion would take its total investment in Chakan to Rs 8,000 crore. "This investment will be for doubling our production capacity at the Chakan plant to 7.5 lakh units annually," Mahindra & Mahindra Executive Director Pawan Goenka said.
He said the investment is part of the Rs 10,000 crore investment over a 3-year period that the company had announced last year.
"We will manufacture two out of the three new platforms which we have also announced at the Chakan plant," Goenka said. Mahindra & Mahindra said a total of Rs 4,000 crore will be utilised towards infrastructure development, product development and capacity expansion for vehicles to be rolled out from the Chakan plant. A joint declaration was signed today between the company and Maharashtra Government, in the presence of state Chief Minister Prithviraj Chavan.
Mahindra Group Chairman Anand Mahindra said Maharashtra government's visionary industrial policies and efficient governance practices have prompted the company to take the decision to scale up the Chakan plant.
