Mahindra backed out from tractor plant: CM KCR
The present economic slowdown is impacting business investments in various states, including Telangana.
Hyderabad: The present economic slowdown is impacting business investments in various states, including Telangana.
Mahindra and Mahindra Limited has decided not to go ahead with its earlier expansion plan of the tractor unit at Zaheerabad. The Indian MNC planned to invest Rs 1150 crore in the state unit.
CM KCR, while replying to a discussion on the annual budget in the Assembly on Sunday, said Mahindra Group Chairman Anand Mahindra has informed him about this fresh development.
KCR said that Anand Mahindra predicted this slowdown impact would be there for three years.
KCR said that his government expected creation of 1.5 lakh new jobs in the Mahindra's tractor plant, but the fresh decision by the automobile group has dented the plans.
He made a mention of this information, while pointing out that the economic slowdown was not just confined to Telangana budget, where the outlay figures have come down, but this was a topic of discussion across the country among economists, financial experts, business schools and universities, etc.