Mahindra & Mahindra (M&M) is planning to make an additional investment at its Chakan plant in Maharashtra. As part of its expansion plans, the company will invest over Rs 500 crore in its Electric Vehicle (EV) Project under the new EV Policy of the Government of Maharashtra.
The investment for EV and EV Components is in addition to its ongoing expansion plan in Chakan which includes an initial investment of Rs 6,500 crore. This additional investment of Rs 500 crore will be utilized towards product development and capacity enhancement for electric vehicles and related components.
M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.