Mahindra to locate EV Manufacturing Plant in Pune, Maharashtra

Mahindra & Mahindra Ltd. (M&M Ltd.), one of India's leading automotive companies, today announced that their investment of Rs. 10,000 Crore for electric vehicles has been approved under the Maharashtra Government's industrial promotion scheme for Electric Vehicles.

The company, through its subsidiary, will make investments of approx. 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 August 15th, 2022. Based on the state-of-the-art INGLO EV Platform, these include the e-SUVs under the iconic brand - XUV with the Twin Peak logo in copper and the allnew electric-only brand called 'BE'.

Speaking about the announcement, Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, Mahindra & Mahindra Ltd., 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. We are very thankful to the Govt. of Maharashtra for their continued support. 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."

Shares of Mahindra & Mahindra Limited was last trading in BSE at Rs. 1283.70 as compared to the previous close of Rs. 1263.65. The total number of shares traded during the day was 38866 in over 1952 trades.

The stock hit an intraday high of Rs. 1286.20 and intraday low of 1268.75. The net turnover during the day was Rs. 49800171.00.

Source : Equity Bulls

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