Mahindra & Mahindra has announced plans to invest Rs 1,500 crore at its Nashik and Igatpuri plants in Maharashtra.

The project constitutes development and manufacture of its new product codenamed U321, covering joint investment at Nashik and Igatpuri.

The U321 project is understood to be M&M’s upcoming MPV and a Toyota Innova rival which is slated to hit showrooms in the second half of this year.  

While the investment in the Nashik plant will be towards manufacture of vehicles, investment in the Igatpuri plant will be for manufacture and supply of engines. The government of Maharashtra has confirmed status of ‘Ultra Mega Project’ to the proposed investment

Commenting on the expansion plans, Dr Pawan Goenka, managing director, Mahindra & Mahindra, said, “The Mahindra Group would like to express its gratitude to the government of Maharashtra for its visionary industrial policies and efficient governance practices. This has enabled us to undertake the next phase of our expansion plans at Nashik.”