M M To Invest Rs 4 500 Crore For New Tractor Facility In South India (25-Aug-2010)
In a bid to increase production capacity in India, India’s largest sports-utility-vehicle maker Mahindra and Mahindra (M&M) is planning to establish new tractor facility in South India, with a production capacity of up to 1 lakh units per annum. In this regard, the company will invest Rs 4,500 crore for next three years.
At present, the company has four facilities in Nagpur, Mumbai, Jaipur and Chandigarh with a total production capacity of 2 lakh units annually.
The firm had sold 1,65,633 units of tractors in the domestic market in last fiscal compared to 1,12,695 units in 2008-09, registering a jump of 46.97%. It sells a range of products between 16 horsepower (hp) and 75 hp category.
Recently, the company had entered into a Memorandum of Understanding (MoU) with Ssangyong Motor Company. M&M’s net profit had surged by 40.29% to Rs 562.39 crore during the quarter ended June 30, 2010 from Rs 400.85 crore for the quarter ended June 30, 2009. Total income for the quarter had increased by 21.43% to Rs 5180.58 crore as compared to Rs 4266.16 crore for the previous year’s corresponding quarter.
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