M&M to spend R10k cr on capex

Written by Press Trust of India | New Delhi | Updated: Sep 5 2013, 14:31pm hrs
Mahindra and Mahindra on Wednesday said it will invest R10,000 crore in the next three years on capex and launching new products.

The company is scouting for locations, including options outside its Chakan plant in Maharashtra, to set up its new plant to manufacture new products and will take final decision within this fiscal. In the next three years we are investing R10,000 crore out of which R7,500 crore are for capex on automotive and farm equipment and another R2,500 crore investment will be on group companies, Pawan Goenka, president (automotive and farm equipment), M&M, said on the sidelines of the annual convention of Society of Indian Automobile Manufacturers.

As part of overall capex, the company is developing two-three new platforms for brand new products which will hit the market around 2016 fiscal.