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Mumbai, Aug 16 (UNI) Auto major Mahindra and Mahindra (M&M) and the Maharashtra Government today inked a memorandum of understanding (MoU) to set up a Rs 550 crore new project code-named 'Ingenio' at M&M's world class manufacturing facility in Nashik, Maharashtra for the production of its new multi-purpose vehicle platform 'Ingenio'.

The MoU was signed today by Mr V K Jairath, Secretary (Industries), Government of Maharashtra and M&M Automotive Sector president Dr Pawan Goenka, in the presence of Maharashtra Chief Minister Vilasrao Deshmukh and Mr Ashok Chavan, Minister for Industries, Government of Maharashtra, other state officials and Mahindra Group Chairman Mr Keshub Mahindra.

On this occasion, Deshmukh told mediapersons, ''I am delighted that M&M has chosen Nashik as the site for its new product. Given the success of Mahindra Scorpio and with launching of Logan car in the next year, I am sure that this new project Ingenio too will bring prosperity to the people of Maharashtra by attracting investment and creating employment opportunities for the youth of the state.'' Meanwhile, Mahindra Group Chairman Keshub Mahindra stated, ''The production for the new product is expected to commence by the year 2008. With this additional investment, the production capacity at the existing plant at Nashik will increase to 1.5 lakh vehicles per anum and will generate employment for over 500 employees in M&M's Nashik plant and will also generate additional opportunity of more than 2,500 jobs in and around Nashik.'' ''Our decision to launch our most prestigious project after Scorpio and Logan in Maharashtra is a tribute to a partnership that began with our inception. Our earliest plant was in Mazgaon in Maharashtra. Now some of our most advanced facilities are in this state. In keeping with this tradition, I believe our latest plant will contribute to sustain the economic and industrial momentum of the state. The Company will further invest in tune of Rs 1,500 to 2,000 crore for a new vehicle at Aurangabad within a few years,'' he added.

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