Bajaj Auto to invest Rs 650 crore to set up a new plant in Maharashtra
Bajaj Auto has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to set up a manufacturing facility.
Bajaj Auto has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to set up a manufacturing facility. As per the agreement, the Pune-based company has proposed an investment of Rs 650 crores in Chakan, Maharashtra.
The facility is expected to commence production in 2023. This facility will be utilised for manufacturing high-end KTM, Husqvarna and Triumph motorcycles as well as for electric vehicles starting with Chetak."
In a regulatory filing, Bajaj Auto said, "Bajaj Auto has signed a Memorandum of Understanding with the Government of Maharashtra to set up a manufacturing facility on a proposed investment of Rs.650 crores in Chakan, Maharashtra."
Under the arrangement, the Government of Maharashtra will facilitate Bajaj Auto in obtaining necessary permissions/ registrations/ approvals/ clearances/ fiscal incentives etc. from the concerned departments of the State, as per the existing policies/ rules and regulations of the Government of Maharashtra.
Bajaj Auto has said, "The proposed investment further reinforces the commitment of Bajaj Auto to the State of Maharashtra where the journey began. And it is being done in the year when Bajaj Auto celebrates its 75th Anniversary."
Bajaj is the second firm to announce an investment in a facility to make e-scooters. Last week, mobility services provider Ola said it will set up its first EV manufacturing plant in Tamil Nadu and invest Rs 2,400 crore.
The Maharashtra government will help Bajaj Auto in obtaining necessary permissions, registrations, approvals, clearances and fiscal incentives.