Mahindra & Mahindra Ltd. (M&M) said that its investment of ₹10,000 crore for electric vehicles had been approved under the Maharashtra government’s industrial promotion scheme for EVs. The company said its EV manufacturing plant would be located in Pune.
The company, through an unnamed subsidiary, will invest about ₹10,000 crore over a period of 7-8 years for setting up the manufacturing facility, development, and production of its upcoming Born Electric Vehicles (BEVs), some of which were showcased in Oxfordshire, U.K., on August 15 this year.
Rajesh Jejurikar, ED, Auto & Farm Sectors, M&M said, “The [state] 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.”
