Indian carmaker Mahindra has signed a MoU with the government of Tamil Nadu to invest INR 2,000 crore in Mahindra Research Valley (MRV).
This amount is to meet the future needs of the company over a time of 5 years. Mahindra can increase the amount invested to INR 4,000 crore by 2022 if needed, in a few years.
MRV is located at Mahindra World City in Maraimalai Nagar near Chennai. The MRV test track and the new plant would be set up on about 450 acres of land at Cheyyar near Kanchipuram.
Also, Mahindra is gearing itself with new launches and on 10th September, the company will launch its much awaited TUV 300.