Mahindra signs MoU with Telangana Government for Rs 1,000 crore expansion of Zaheerabad Plant

10 Feb 2023 , 09:57 AM

Mahindra & Mahindra Limited informed the bourses that it has signed a MoU with the Government of Telangana for its proposed expansion plans at its existing manufacturing facility in Medak District, Zaheerabad Plant. 

The proposed expansion would primarily focus on the establishment of a manufacturing facility, including the development and production of electric 3 and 4-wheelers for the Last Mile Mobility business, at the current plant in Zaheerabad.

The Company or any of its group companies is expected to invest approximately Rs1,000 crore in this proposed expansion over an eight-year period. Given the size of the proposed investment, it may fall under the Mega Projects category of the Government of Telangana’s EV Investment Policy.

The MOU calls for the Telangana government to assist the company in obtaining the necessary approvals for the proposed expansion. The said MOU, among other things, documents the Parties’ intentions to strengthen cooperation.

At around 9.54 AM, Mahindra & Mahindra was trading 0.54% higher at Rs1,379.60 per piece, against the previous close of Rs1,372.20 on NSE. The counter opened at Rs1,378.55 and touched an intraday high and low of Rs1,386.95 and Rs1,372.20 respectively.

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