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Mahindra To Invest INR 40 Billion In New Manufacturing Plant
Mahindra, India's largest SUV manufacturer, is planning to make to make a massive investment of INR 40 billion ($684 million) in a new manufacturing facility.
The investment would be made over a span of three years and would go towards increasing production and ramping up research and development.
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Pawan Goenka, president of Mahindra's automotive and farm equipment sectors told NYT that the new facility would have a capacity to produce 4,00,000 vehicles annually.
The company believes the market will pick up pace in the coming months, with coming of the new government. The new facility is not only for catering to a possibly revived market, but also for the launch of new models.
The new models, at least two of which will be a new compact SUV and the new Scorpio, will be launched in about a year.
Further announcements about the new manufacturing facility would be made in the coming days.
The company is also looking at the option of expanding its Chakan facility in Pune.
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