New Delhi, Mar 31: Mahindra &Mahindra Ltd today said it has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to further boost their investment at its upcoming Chakan Greenfield project by Rs 1,500 crore. The company will invest an additional Rs 1,500 crore to the already earmarked Rs 2,500 crore and the total sum of Rs 4,000 crore will be utilised towards the development and production of all vehicles slated to be rolled out from the proposed Greenfield, said a statement.
M&M's Greenfield at Chakan will house the manufacture of medium and heavy commercial vehicles, to be produced by joint venture company Mahindra International and other products slated to hit both the domestic and global markets at strategic timelines. A MoU to this effect was signed today by Principal Secretary (Industries), Government of Maharashtra V K Jairath and M&M Automotive Sector President Pawan Goenka in the presence of Maharashtra Chief Minister Vilasrao Deshmukh.
Mahindra Group Chairman Keshub Mahindra, said 'M&M's new investment at the upcoming Chakan facility, besides contributing to the state's economic growth will also produce jobs for the locals in that region. Dr Goenka said, "we are very pleased to expand our activity in the state of Maharashtra. We had decided to make the state the launch pad for our commercial vehicles. The additional investment plan of Rs 1,500 crores, will allow us to create a world class manufacturing facility for 3,00,000 vehicles. The Chakan Greenfield is a significant step for us to contribute to the Indian automobile industry."