Mahindra to set up EV manufacturing plant in Pune

14 Dec 2022 , 11:50 AM

Mahindra & Mahindra Ltd., one of India’s leading automotive companies, announced today that a Rs 10,000 crore investment in electric vehicles has been approved under the Maharashtra Government’s industrial promotion scheme for Electric Vehicles.

The company, through its subsidiary, will invest approximately Rs 10,000 crore over a 7-8-year period to set up the manufacturing facility, development, and production of Mahindra’s upcoming Born Electric Vehicles (BEVs), some of which were showcased in Oxfordshire, UK, on August 15, 2022.

“The Government’s focus on ‘ease-of-doing-business’ and progressive policies, coupled with Mahindra’s investment, will serve as a platform for Maharashtra to become India’s EV hub, luring Foreign Direct Investment and Indian investments,” commented Rajesh Jejurikar, Executive Director, Auto & Farm Sectors, Mahindra & Mahindra.

Based on the cutting-edge INGLO EV Platform, these include the iconic brand XUV with the Twin Peak logo in copper and the all-new electric-only brand ‘BE.’

At around 11.54 AM, Mahindra & Mahindra was trading at Rs1,279.85 per piece, down by 0.3% from its previous closing of Rs1,283.70 on the BSE. The scrip touched an intraday high and low of Rs1,290.50 and Rs1,276.85 respectively.

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