Mahindra has announced that its investment of Rs. 10,000 crores for electric vehicles has been approved under the Maharashtra Government’s industrial promotion scheme for Electric Vehicles.
The company, through its subsidiary, will invest around Rs. 10,000 crores over 7-8 years for setting up the manufacturing facility, development, and production of Mahindra’s upcoming Born Electric Vehicles (BEVs), some of which were showcased in Oxfordshire, UK, on August 15th, 2022.
Based on the INGLO EV Platform, these include the e-SUVs under the XUV brand with the Twin Peak logo in copper and the all-new electric-only brand called ‘BE’.
Speaking about the announcement, Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, Mahindra & Mahindra Ltd., stated, “We are delighted with this approval from the Govt. of Maharashtra for setting up our EV Manufacturing Plant in Pune, and investing in what has been our ‘home’ state for over 70 years. We are very thankful to the Govt. of Maharashtra for their continued support.”
He added, “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.”