M&M raises invetsments in Chakan electric vehicles project

Mahindra & Mahindra (M&M) said on Monday it would make an additional investment of Rs500 crore in its electric vehicle (EV) project under the Maharashtra government's new EV policy. The company will make the investments at its Chakan plant, near Pune.

The investment for EV and EV components is in addition to its ongoing expansion plan in Chakan, which includes an initial investment of Rs6,500 crore. This additional investment of Rs500 crore will be used for product development and capacity enhancement for electric vehicles and related components.

The company has signed a Memorandum of Understanding (MoU) regarding this with the state government.

"We are delighted to announce the next phase of our Electric Vehicles expansion plan at Chakan and would like to thank the government of Maharashtra for its new EV Policy which is a proactive step in electric mobility. The implementation of projects under this EV Policy will certainly make the state a leader in manufacturing of EV and EV components, promoting greater use of these vehicles. We have no doubt that the state will attract large EV related investments and emerge as a front runner in the EV race,'' Pawan Goenka, managing director, M&M said.

''The Mahindra Group along with Mahindra Electric Mobility Limited (MEML) is at the forefront of promoting electric mobility which could result in a paradigm shift in the passenger commuting segment, considerably mitigating air pollution. I am sure that with this expansion, the Mahindra Group will continue to play an integral part in the development of not only the region of Chakan but the state of Maharashtra, as well as the Indian auto industry, in time to come,'' he said.

''We would like to showcase for the whole country the viability and benefits of EV through our EV Project. This is the next step towards the journey of achieving Mahindra's vision of the ''Future of Mobility'' and encompasses the ''5C'' framework of Clean, Convenient, Connected, Clever and Cost effective'' he added.