M&M approve Rs 10,000 crore over the course of seven to eight years in Pune, Maharashtra, to build the EV manufacturing facility.

 

On December 14, the automaker Mahindra & Mahindra said that it has approved an investment of Rs 10,000 crore for the construction of an electric vehicle manufacturing facility in Maharashtra, which will be funded by the state's industrial promotion programme for EVs.

The business, which debuted its future Born Electric Vehicles (BEVs) in Oxfordshire on August 15, will invest roughly Rs 10,000 crore through a subsidiary over the course of seven to eight years to set up the manufacturing plant and to further the research and manufacture of these vehicles.

The proposed vehicles for production at the facility would comprise e-SUVs under the XUV brand as well as an entirely new electric-only brand known as BE. They will be built on M&M's INGLO EV platform.

In a press release, M&M's Rajesh Jejurikar stated that the business is "delighted" that the state has approved the establishment of the plant in Pune and that they are "investing in their home state of 70 years."

Maharashtra will become India's EV hub as a result of the government's emphasis on "ease-of-doing-business" and progressive laws, together with Mahindra's investment, according to Jejurikar. This will draw in more FDI from both India and outside.

M&M, which was founded in 1945, has 260,000 employees worldwide and is the largest tractor manufacturer by output.

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