Mahindra has proposed to invest INR 4,000 crore to set up a new manufacturing plant in Tamil Nadu. This new plant will manufacture Mahindra's future models.
The investment of INR 4,000 crore will be done in two stages, over the next seven years, said Pawan Goenka, the Executive Director of Automobile division.
Phase one will be Mahindra setting up the test track, while phase two will be an automobile plant.
The government of Tamil Nadu has promised Mahindra 255 acres of land in the Kancheepuram district of Tamil Nadu. The MoU will be signed in May this year, during the Global Investors Meet.
Goenka said that as soon as the land is allotted, construction will begin to set up the test track. Setting up the automotive plant will begin shortly after that, but everything will depend on the automotive industry's growth.
Mahindra will use the new plant in Tamil Nadu to manufacture new products that it will come up in the future, which will be sold in India as well as exported.