Mahindra and Mahindra to invest additional Rs 1500 cr at Chakan

Mumbai, Mar 31 (UNI) The government of Maharashtra today signed two Memorandum of Understanding (MoUs) with auto giants Mahindra and Mahindra and Tata Motors to give a further boost to investments in the state.

Chief Minsiter Vilasrao Deshmukh was present when the MoUs were signed by the representatives of the companies and government officials. Official sources indicated that the Government had during the last two and a half years signed 95 MoUs for investments with the Industry in the state. Together these MoUs envisaged an investment of Rs120,000 crores in the state.

The MoU signed by Mahindra and Mahindra was related to an additional investment of Rs 1500 crore in their upcoming greenfield project in Chakan for production of medium and heavy commercial companies. Already, the Company has committed an investment of Rs 2500 crore in the project. The company in a release said the project taken up by its Joint venture Mahindra International would release vehicles both domestically and globally at strategic timelines.

The MoU was signed by Principal Secretary (Industries) of Government of Maharashtra, V K Jairath and Dr Pawan Goenka, President Automotive Sector, Mahindra and Mahindra. Mahindra group Chairman Keshub Mahindra, Industries Minister Ashok Chavan and other officials were present during the signing ceremony.

Mr Deshmukh said, the MoUs signed today were one more step towards development of Maharashtra as a prime automotive hub.

Mr Chavan said the State had always been at the forefront in industrial development and have provided superior infrastructure to companies especially in the automotive sector. Mr 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.'' UNI JM-VK DB SM1240