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Mahindra to invest $77m in EV project at Chakan plant in India

Published 20 February 2018

Mahindra & Mahindra (M&M) is set to invest about $77m at its Chakan plant in Maharashtra, India to produce electric vehicles (EV) and EV components.

The investment for EV and EV Components is in addition to its ongoing expansion plan in Chakan which includes an initial investment of INR65bn ($1bn).

This additional investment of $77m will be utilized towards product development and capacity enhancement for electric vehicles and related components.

The MoU was signed by Government of Maharashtra Additional Principal Secretary (Industries) Shri Sunil Porwal and Mahindra & Mahindra Managing Director Pawan Goenka, in the presence of Maharashtra Chief Minister Devendra Fadnavis and other dignitaries present at the Magnetic Maharashtra Conference currently underway in Mumbai.

Speaking on the occasion, Pawan Goenka, said: "We are delighted to announce the next phase of our Electric Vehicles expansion plan at Chakan and would like to thank the Government of Maharashtra for its new EV Policy which is a proactive step in electric mobility.

"The implementation of projects under this EV Policy will certainly make the state a leader in manufacturing of EV and EV components, promoting greater use of these vehicles. We have no doubt that the state will attract large EV related investments and emerge as a front runner in the EV race.”

Goenka further said: “The Mahindra Group along with Mahindra Electric Mobility Limited (MEML) is at the forefront of promoting electric mobility which could result in a paradigm shift in the passenger commuting segment, considerably mitigating air pollution.

"I am sure that with this expansion, the Mahindra Group will continue to play an integral part in the development of not only the region of Chakan but the state of Maharashtra, as well as the Indian auto industry, in time to come. We would like to showcase for the whole country the viability and benefits of EV through our EV Project.

"This is the next step towards the journey of achieving Mahindra’s vision of the “Future of Mobility” and encompasses the “5C” framework of Clean, Convenient, Connected, Clever and Cost effective. We are thankful to the Government of Maharashtra for their continuous and unstinted support.”

Source: Company Press Release