M&M signs MoU to invest Rs 2,000 crore in Tamil Nadu

Home-grown auto major Mahindra & Mahindra today signed a pact with Tamil Nadu government under which it would invest a massive Rs 2,000 crore rupees in the state over the next five years, the company informed the exchanges today.

M&M has announced that it would invest the said amount in Mahindra Research Valley (MRV), a new Test track for MRV and an automotive plant to be set up in the state to meet the company's future requirements. M&M added that it could also increase the investment to Rs 4,000 crores by 2022 if required, which will be decided over the next few years. 

While the MRV is located at Mahindra World City, Maraimalai Nagar near Chennai, the MRV test track and the new plant would be set up on about 450 acres of land acquired recently by the company at Cheyyar near Kancheepuram.

To attract the investment in key sectors in the state, Tamil Nadu government is hosting its first ever global investor meet in Chennai on September 9th-10th.

Earlier today, Japanese two-wheeler maker Yamaha also inaugurated its first manufacturing facility in the state. Meanwhile, reports suggest that TVS Motors has also announced investment to expand its footprints in Hosur. 

Tamil Nadu is home for several automobile manufacturing companies with the likes of global giants including Ford, Hyundai, Mitsubishi, Daimler, Nissan, Renault and BMW.

Besides these, the state has seen large investments from local OEMs such as Ashok Leyland, Royal Enfield, and the TVS Group in the past while tyre makers like MRF, Michelin and Apollo also have large manufacturing facilities in the state’s industrial areas. 

More from Tamil Nadu:

- TVS Motor inks MoU with Tamil Nadu for new investment of Rs 350 crore

- Ford India confirms fresh investment in Tamil Nadu

- Yamaha Motor opens new two-wheeler plant in state