Manufacturing legend Mahindra and Mahindra has announced that an electric vehicle plan will be set up in Maharashtra’s Pune city.
The company’s proposal has been approved by the government of Maharashtra as well.
Mahindra To Build Rs 10,000 Crore Electric Vehicle Plant in Pune
In accordance with the state’s industrial promotion program for EVs, Mahindra & Mahindra announced on Thursday that the Maharashtra government had approved its proposal to establish a Rs 10,000 crore electric vehicle plant in Pune.
According to a statement from M&M Ltd, the two parties signed an agreement to this effect on Wednesday at the World Economic Forum in Davos.
According to M&M Ltd, the business will invest this amount over the course of 7-8 years to set up the manufacturing facility, develop, and produce its upcoming Born Electric Vehicles. These models, which are based on the INGLO EV Platform, will include the e-SUVs sold under the iconic brand XUV with the copper Twin Peak logo and the all-new electric-only brand known as “BE.”
Some of these BEVs were on display in Oxfordshire, UK, in August of last year.
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.
Along with Mahindra’s investment, the government’s emphasis on “ease-of-doing-business” and progressive policies will serve as a catalyst for Maharashtra to emerge as India’s EV hub, luring additional Indian and foreign direct investment, he continued.
Mahindra To Raise Rs 4000 Crore For Making Better Electric Vehicles
We recently reported that Mahindra & Mahindra is in talks with global investors to raise between $250 million and $500 million to expedite its plans to build EVs.
It is in early talks with global green funds and private equity firms, seeking a long-term investor who can help build out its EV business. Some investors have shown interest in recent months in participating in a funding round of worth around $800 million.
While Mahindra is not actively looking to raise a higher amount than $250-$500 million, it is not opposed to it either, depending on the terms and valuation.
