Mahindra, one of India's major automobile manufacturer is planning to invest INR 4,000 crore over a period of seven years to to expand its manufacturing facility in Chakan.
The company, had earlier put plans on hold due to the lack of support from the government of Maharashtra. Mahindra said the new infusion would take their overall investment to INR 8,000 crore.
Mahindra have said that the investment of INR 4,000 crore will be for infrastructure development, product development and capacity expansion for vehicles being made in Chakan.
Pawan Goenka, Executive Director of Mahindra said that he was delighted to announce the next step of Mahindra's expansion and also that he was thankful for the Government of Maharashtra's support.
The facility presently has the capacity to make 3.2 lakh vehicles like the Maxximo, Single and Double Cab Pik-Ups, Mahindra Trucks and SUV XUV 500 besides assembling the SsangYong Rexton.
Mahindra is also working on six new engines, three will be from Mahindra and the other three from Ssangyong. Mahindra is also working on smaller engines which will generate higher power.
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