Signs MoU with Telangana government to expand its existing manufacturing facilities at the Zaheerabad plant; Rs 1,000 crore investment planned over eight years.
10 Feb 2023 | 8280 Views | By Autocar Professional Bureau
Mahindra & Mahindra has signed an MoU with the government of Telangana for its proposed expansion plans at its existing manufacturing facility at the Zaheerabad plant in the Medak district.
As per a regulatory filing, M&M said: “The proposed expansion would mainly be towards setting up of manufacturing facility ...
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Mahindra & Mahindra has signed an MoU with the government of Telangana for its proposed expansion plans at its existing manufacturing facility at the Zaheerabad plant in the Medak district.
As per a regulatory filing, M&M said: “The proposed expansion would mainly be towards setting up of manufacturing facility including development and production of electric three- and four-wheelers pertaining to the Last Mile Mobility business at the current plant situated at Zaheerabad.”
“The estimated investment for this proposed expansion is expected to be approximately Rs 1,000 crores to be made over a period of eight years by the company or any of its group companies. Considering the size of the proposed investment, it is expected to fall under the Mega Projects category under the EV Investment Policy of the government of Telangana. The MoU provides for facilitation by the government of Telangana supporting the Company to obtain necessary approvals for the proposed expansion.”
The MoU signing took place on the sidelines of the Telangana Mobility Valley announcement at the Mobility Next Hyderabad Summit 2023.
Commenting on the project, KT Rama Rao, IT and Industries minister, government of Telangana, said: “The proposed facility will greatly contribute to the goal of Telangana Mobility Valley to further accelerate the growth of sustainable mobility in India. Located in Zaheerabad, one of the four mega EV manufacturing clusters being developed by the state, will allow M&M to access state-of-the-art infrastructure planned to be crated by the state in the mega clusters.”
Rajesh Jejurikar, Executive Director (Auto & Farm Equipment Sector), M&M, said: “We are delighted to consider expansion of the current manufacturing unit at Zaheerabad for our new EV manufacturing investment. This investmen will help continue our leadership position in the electric three-wheeler category.”
M&M is the market leader in electric three-wheelers. In January 2023, it sold a total of 2,834 units.
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