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By Staff
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Google Oneindia News

New Delhi, Aug 16: Mahindra&Mahindra Ltd today said it has entered into an agreement with Maharashtra state government to set up a Rs 550 crore project at its facility in Nashik, to manufacture the company's new Multi-Purpose vehicle platform code-named 'Ingenio'.

An MoU was signed by Maharashtra Secretary (Industries) V K Jairath, and Mahindra and Mahindra President (Automotive Sector) Dr Pawan Goenka, in the presence of the Maharashtra Chief Minister Vilasrao Deshmukh, the Minister for Industries of the state Ashok Chavan, state officials and the Chairman of the Mahindra Group Keshub Mahindra.

''Our decision to launch our most prestigious project after Scorpio and Logan in the state is a tribute to a partnership that began with our inception. I believe our latest plant will contribute to sustain the economic and industrial momentum of the state. The success of this venture, as with all our projects, is inextricably wedded to the development of this state and society in general,'' Mr Mahindra said.

The production for the new product is expected to commence by 2008.

With this additional investment the production capacity at existing plant at Nashik will increase to 1,50,000 vehicles per annum and will generate employment for over 500 employees in the plant as well as additional opportunity of more than 2,500 employment in and around Nashik.

''Given the success of Mahindra Scorpio and with launching of Logan car in the next year, I am sure that this new project too will bring prosperity to the people of Maharashtra by attracting investment and creating employment opportunities for the youth of the state,'' Mr Deshmukh said.

Dr Goenka said that the state offers many advantages including access to a large reservoir of skilled and technical manpower and a well developed supplier base.

''It is our positive experience with our existing facilities in Nashik, Kandivali, Igatpuri and Nagpur that helped in making the decision to get Ingenio home,'' he added.

The new vehicles will be built on an all-new platform and promises to come with contemporary styling and spacious interiors.

The company is a market leader in the Utility Vehicle segment with a share of around 45 per cent.

UNI

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