Mahindra and Mahindra on Wednesday announced that the company will invest ₹10,000 crore over the period of 7 to 8 years on the electric vehicle manufacturing facility set up in Pune, Maharashtra.
The investment has been approved under Maharashtra government’s industrial promotion scheme for electrical vehicles said M&M. The investment will be done over the period of 7 to 8 years for setting up the manufacturing facility, production, and development of the upcoming Mahindra’s Born Electrical Vehicles (BEVs)
Some of these BEVs were showcased in Oxfordshire, UK, on 15th August 2022.
Vehicles made in the Pune plant will be based on the INGLO-EV platform which will include e-SUVs under the XUV brand name and the all-new electric-only brand called ‘BE’.
The executive director of M&M Rajesh Jejurikar said the company was delighted with the approval of the Maharashtra government for setting the new EV manufacturing plant in Pune.
“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 further added.
To get ahead of its rival which is Tata Motors, M&M Is raising funds for its new EV subsidiary. M&M raised ₹1,925 crore in July from British International Investment (BII) for a new four-wheel passenger EV company.
The British International Investment (BII), UK’s Development Finance Institution and Mahindra and Mahindra have made an agreement of investing Rs.1,925 crore each in the EV company. The total capital investment between FY-2024 and FY-2027 will be of approximately Rs.8,000 crore in the planned product, said M&M.
Although Mahindra and Mahindra made an early entry into the EV market, the company still lost the competition to its rival Tata motors. M&M is now eager to regain its position back in the market.
