India’s leading SUV maker, Mahindra and Mahindra, will invest Rs 4,000 crore in its upcoming manufacturing facility near Chennai. The new plant will be built on a 255 acre land in Cheyyar, Kancheepuram district and will be the biggest facility for the company in the country.
The plant will be developed in two phases, in phase I, the company will set up a test facility and in Phase II an automotive plant. Mahindra estimates a total time of seven years to complete the work on the plant.
The company expects to seal the deal with the Tamil Nadu government during the Global Investors Meet, expected to happen in May this year.
Dr.Pawan Goenka, executive director of automotive division, said, “We have been promised that the land will be allocated very soon. The MoU will be signed during the Global Investors Meet.”
Mahindra investing in a new facility is great news for the automobile industry. The company already has an R&D centre in Chennai and a manufacturing facility in Pune, Uttarakhand and Nasik. Currently, the company has 10 products on sale in India, this also includes the electric vehicle – e20.