Leading automotive company Mahindra and Mahindra on Wednesday 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 about 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 15, 2022, according to a statement from the automobile firm.
Based on latest 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', it added.
Rajesh Jejurikar, Executive Director, Auto and Farm Sectors, Mahindra and Mahindra, stated, "We are delighted with this approval from the government of Maharashtra for setting up our EV (electric vehicle) manufacturing plant in Pune, and investing in what has been our 'home' state for over 70 years."
The company said the Group has a clear focus on leading environment environmental, social, and governance (ESG) globally, enabling rural prosperity and enhancing urban living, with a goal to drive positive change in the lives of communities and stakeholders to enable them to rise.
Rajesh Jejurikar said, "We are very thankful to the government 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."
( With inputs from ANI )
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