Mahindra, one of India's leading automobile manufacturer announced that it plans to make an investment of Rs 1,500 crore at its Nasik and Igatpuri plants in Maharashtra.
The project constitutes development and manufacture of its new product codenamed U321, covering joint investment at Nasik and Igatpuri.
The investment in the Nasik plant will be towards manufacturing of vehicles, while investment in the Igatpuri plant will be for manufacturing and supplying engines. The projects will qualify as ‘Ultra Mega Project'.
Commenting on the expansion plans, Dr. Pawan Goenka, the Managing Director of Mahindra Ltd said, "The Mahindra Group would like to express its deep and sincere gratitude to the Government of Maharashtra for its visionary industrial policies and efficient governance practices. This has enabled us to undertake the next phase of our expansion plans at Nasik."
"We would like to thank the State Government of Maharashtra and local bodies for their continuous and unstinted support. I am sure that with this expansion, Mahindra will continue to play an integral role in the development of not only the region of Nasik but the entire state of Maharashtra."