Mahindra to invest Rs 500 crore for EV plant in Chakan

  • Industry News
  • May 01,18
Mahindra & Mahindra Ltd (M&M Ltd), a part of the $19 billion Mahindra Group, will make an additional investment at its Chakan plant in Maharashtra.
Mahindra to invest Rs 500 crore for EV plant in Chakan

Mahindra & Mahindra Ltd (M&M Ltd), a part of the $19 billion Mahindra Group, will make an additional investment at its Chakan plant in Maharashtra. As part of its expansion plans, the company will invest over Rs 500 crores in its electric vehicle (EV) project under the new EV Policy of the Government of Maharashtra. 
 
The investment for EV and EV components is in addition to its ongoing expansion plan in Chakan which includes an initial investment of Rs 6,500 crores. This additional investment of Rs 500 crores will be utilised towards product development and capacity enhancement for electric vehicles and related components.   
 
The MoU was signed by Sunil Porwal, Additional Principal Secretary (Industries), Government of Maharashtra, and Dr Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd, in the presence of Devendra Fadnavis, Chief Minister, Government of Maharashtra and other dignitaries present at the Magnetic Maharashtra Conference in Mumbai.  
 
Speaking on the occasion, Dr Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd, said, "We are delighted to announce the next phase of our electric vehicles expansion plan at Chakan and would like to thank the Government of Maharashtra for its new EV Policy which is a proactive step in electric mobility. The implementation of projects under this EV Policy will certainly make the state a leader in manufacturing of EV and EV components, promoting greater use of these vehicles. We have no doubt that the state will attract large EV related investments and emerge as a front runner in the EV race.”
 
Dr Goenka added, “The Mahindra Group along with Mahindra Electric Mobility Limited (MEML) is at the forefront of promoting electric mobility which could result in a paradigm shift in the passenger commuting segment, considerably mitigating air pollution. I am sure that with this expansion, the Mahindra Group will continue to play an integral part in the development of not only the region of Chakan but the state of Maharashtra, as well as the Indian auto industry, in time to come. We would like to showcase for the whole country the viability and benefits of EV through our EV project. This is the next step towards the journey of achieving Mahindra’s vision of the ‘Future of Mobility’ and encompasses the ‘5C’ framework of Clean, Convenient, Connected, Clever and Cost effective. We are thankful to the Government of Maharashtra for their continuous and unstinted support.”
 

Related Stories

Auto & Auto Components
Ashok Leyland to set up manufacturing plant for electric buses in UP

Ashok Leyland to set up manufacturing plant for electric buses in UP

Once operational, the plant will initially have the capacity to produce 2500 vehicles per year. Ashok Leyland plans to expand this capacity to 5000 vehicles annually over the next decade, anticipati..

Read more
Electrical & Electronics
The green path to $ 10 trillion economy

The green path to $ 10 trillion economy

In 2023, green manufacturing startups were able to attract more than $10 billion investment globally (with sectors like batteries, transportation, building and materials, and metal emerging as the m..

Read more
Railways
Budgeting for growth?

Budgeting for growth?

The interim budget 2024-25, announced by Union Finance Minister Nirmala Sitharaman on February 1, 2024, has allocated Rs 11.11 trillion as capital expenditure (capex) for the next financial year –..

Read more

Related Products

Heavy Industrial Ovens

INDUSTRIAL SUPPLIES

Hansa Enterprises offers a wide range of heavy industrial ovens.


Read more

Request a Quote

High Quality Industrial Ovens

INDUSTRIAL SUPPLIES

Hansa Enterprises offers a wide range of high quality industrial ovens. Read more

Request a Quote

Hydro Extractor

INDUSTRIAL SUPPLIES

Guruson International offers a wide range of cone hydro extractor. Read more

Request a Quote

Hi There!

Now get regular updates from IPF Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Industrial News on Whatsapp! Enjoy

+91 84228 74016

Reach out to us

Call us at +91 8108603000 or

Schedule a Call Back