Mahindra To Set Up Rs 10,000 Crore EV Manufacturing Facility In Pune
Mahindra & Mahindra on Wednesday (14 December) announced that it will set up its Rs 10,000 crore electric vehicle (EV) manufacturing facility in Pune, Maharashtra.
The automaker 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".
"The company, through its subsidiary, will make investments of approximately Rs 10,000 crore over a period of 7-8 years for setting up the manufacturing facility, development, and production of Mahindra’s upcoming Born Electric Vehicles (BEVs)," Mahindra said in a statement.
Mahindra had showcased some of its BEV vehicles in United Kingdom on 15 August this year.
"Based on the state-of-the-art INGLO EV Platform, these include the e-SUVs under the iconic brand - XUV with the twin Peak logo in copper and the all new electric-only brand called ‘BE’," the company said.
Speaking about the announcement, Rajesh Jejurikar, Executive Director, Auto and Farm Sectors, Mahindra & Mahindra Ltd., said, “We are delighted with this approval from the Govt. 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," Jejurikar added.
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