Utility and tractor major Mahindra & Mahindra plans to invest Rs 8,000 crore in its automotive plants over a period of seven years as part of its expansion plans.
"The investment will be utilised towards infrastructure development, product development and capacity expansion," said the Mumbai-basde company in a regulatory filing.
A memorandum of understanding was signed by Apurva Chandra, principal secretary (industries), Government of Maharashtra and Pawan Goenka, executive director, M&M.
This investment was announced by the company in 2014 and involves the Phase 2 of expansion of the Chakan plant. The company also has three other plants in the state, in Igatpuri, Nashik and Kandivali (Mumbai).