Mahindra & Mahindra to invest Rs 10,000 crore for EV manufacturing plant in Pune

Indian automaker Mahindra & Mahindra Ltd (M&M Ltd) on Wednesday announced that its investment of Rs 10,000 crore for electric vehicles has been approved under the Maharashtra Government’s industrial promotion scheme for electric vehicles.

Rajesh Jejurikar, executive director, auto and farm sectors, Mahindra & Mahindra Ltd, stated, “We are delighted with this approval from the Government of Maharashtra for setting up our EV manufacturing plant in Pune, and investing in what has been our ‘home’ state for over 70 years. The Government’s focus on
‘ease-of-doing-business’ and progressive policies, together with Mahindra’s investment, will act as a catalyst for Maharashtra to become India’s EV hub, attracting further Indian and Foreign Direct Investment.”

The company, in its regulatory filing, said that through its subsidiary, it will make investments of about Rs 10,000 crore over a period of 7-8 years. This would be for setting up the manufacturing facility, development, and production of Mahindra’s upcoming Born Electric Vehicles (BEVs). Based on the INGLO EV Platform, these include the e-SUVs under the brand - XUV with the twin peak logo in copper and the all-new electric-only brand called ‘BE’, the company added.

Founded in 1945, the Mahindra Group is one of the largest multinational federation of companies with 2,60,000 employees in over 100 countries. The company claims that it enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume.

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