The auto major on Wednesday said that its investment of Rs 10,000 crore for setting up an electric vehicle (EV) manufacturing plant in Pune has been approved under the Maharashtra Government's industrial promotion scheme.
Mahindra & Mahindra (M&M), through its subsidiary, will make investments of approximately Rs 10,000 crore over a period of 7-8 years for setting up the manufacturing facility, development, and production of Mahindra's upcoming Born Electric Vehicles (BEVs), some of which were showcased in Oxfordshire, UK, on 15 August 2022. Based on INGLO EV Platform, these include the e-SUVs under the iconic brand - XUV with the Twin Peak logo in copper and the all new electric-only brand called 'BE', the company stated in the press release.
Rajesh Jejurikar, executive director, Auto & Farm Sectors, M&M, stated, We are delighted with this approval from the Govt. of Maharashtra for setting up our EV Manufacturing Plant in Pune, and investing in what has been our 'home' state for over 70 years. The Government's focus on 'ease-of-doing-business' and progressive policies, together with Mahindra's investment, will act as a catalyst for Maharashtra to become India's EV hub, attracting further Indian and Foreign Direct Investment.
M&M Group enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India. It is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.
The auto major's standalone net profit surged 45.8% to Rs 2,089.92 crore on 56.52% jump in revenue from operations to Rs 20,839.27 crore in Q2 FY23 over Q2 FY22.
Shares of Mahindra & Mahindra rose 0.21% to Rs 1,286.40 on the BSE.
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