Homegrown utility vehicle major Mahindra & Mahindra plans to invest Rs 8,000 crore on its automotive plants in Maharashtra over the next seven years as part of its expansion plans.
"The company plans to make an investment of Rs 8,000 crore at the automotive plants in Maharashtra as part of its expansion plans," Mahindra & Mahindra (M&M) today said in a regulatory filing.
The investment will be made over a period of seven years and utilised towards infrastructure development, product development and capacity expansion for vehicles, it added.
A Memorandum of Understanding (MoU) in this regard was signed between the company and the state government. Maharashtra Principal Secretary (Industries) Apurva Chandra and M&M Executive Director Pawan Goenka signed the deal in the presence state Chief Minister Devendra Fadnavis.
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M&M, which sells various popular vehicles in the country including Bolero, Scorpio and XUV500, currently has four automotive plants in Maharashtra at Chakan (Pune), Nashik, Kandivali and Igatpuri.
Besides, it has two other automotive plants outside Maharashtra at Zaheerabad (Telangana) and Haridwar (Uttarakhand).
Shares of the company today ended at Rs 1,222.70 apiece on the BSE, up 4.65% from previous close.