Mahindra & Mahindra (M&M) said on Thursday that the Maharashtra government has approved its proposal to set up a Rs 10,000-crore electric vehicle plant in Pune under the state's industrial promotion scheme for EVs.
M&M Ltd. said in a statement that two sides signed an agreement to the effect on Wednesday at the World Economic Forum in Davos.
M&M Ltd. stated that the company will make this investment through its subsidiary over a period of 7-8 years to build up the manufacturing facility, the development, and the production of its upcoming Born Electric Vehicles (BEVs).
Based on the INGLO EV Platform, these models will 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'. Some of these BEVs were showcased in Oxfordshire, UK, in August.
According to Rajesh Jejurikar, Executive Director for auto and farm sector at Mahindra & Mahindra Ltd., the company has received this approval from the Maharashtra government for setting up its EV manufacturing plant in Pune and investing in what has been its 'home' state for over 70 years.
"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," he added.