Two-wheeler and three-wheeler manufacturer Bajaj Auto has signed a memorandum of understanding with the state government of Maharashtra to set up a manufacturing facility with a proposed investment of Rs 650 crore in Chakan, the biggest industrial corridor in western suburbs of Pune.
The facility is expected to start production in 2023 and will be utilised for manufacturing high-end KTM, Husqvarna and Triumph motorcycles as well as for electric vehicles starting with Chetak.
The state government will facilitate Bajaj Auto in obtaining necessary permissions, registrations, approvals, clearances and fiscal incentives from the concerned departments as per existing policies.
"The proposed investment further reinforces the commitment of Bajaj Auto to the state of Maharashtra where the journey began," the company said in a statement adding that it is being done in the year when Bajaj Auto celebrates its 75th anniversary.
Present in over 70 nations, Bajaj Auto is the world's third-largest manufacturer of motorcycles and the largest manufacturer of three-wheelers.
( With inputs from ANI )
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor