M&M, which has tied up with auto major Renault of France for the Logan passenger car, is also reported to be in the race for Fords Jaguar and Land Rover.
The company needs to incur considerable expenditure for expansion of capacities, investment in research and development and product development in the next few years, M&M chairman Keshub Mahindra said at the companys AGM here. With the economy poised to continue its growth, the future outlook remains positive and the demand for our products is robust, Mahindra said. The company proposes to incur capex amounting to Rs 6,400 crore in the next three years, he added.
Mahindra & Mahindra has plans to set up two greenfield plants, one near Pune and another one near Chennai, in the coming year, Mahindra said.
All subsidiaries of the company continued to maintain a high level of growth and add to shareholders value, he said. Tech Mahindra, Mahindra & Mahindra Financial Services, Mahindra Holidays & Resorts and Mahindra Gesco developers have all registered a significantly improved performance, he said.