EV added to Chakan plant expansion
Mahindra & Mahindra Ltd (M&M Ltd) will invest over Rs.500 crores in its Electric Vehicle (EV) Project under the new EV Policy of the Maharashtra State Government.
The investment for EV and EV Components is in addition to its ongoing expansion plan in Chakan plant which includes an initial investment of Rs.6,500 crores.
This additional investment of Rs.500 crores will be utilized towards product development and capacity enhancement for electric vehicles and related components.
A Memorandum of Understanding was signed by Sunil Porwal, Additional Principal Secretary (Industries) of Maharashtra and Dr. Pawan Goenka, Managing Director, M&M Ltd at the Magnetic Maharashtra Conference in Mumbai on 19 Feb 2018.
Speaking on the occasion, Dr. Goenka, Managing Director, Mahindra & Mahindra Ltd. said, “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.”
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.
The Group will continue to play an integral part in the development of not only the region of Chakan but 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, Goenka said. fii-news.com
