Mahindra to invest INR 2,000 crore on expanding MRV and building a test track – Report
Posted on: Sep 10, 2015 - 4:34pm IST
The investment may be boosted to INR 4,000 crore, if required.
Mahindra & Mahindra has signed an MoU with the Tamil Nadu government, yesterday, as per which the automaker has chalked out an investment plan of INR 2,000 crore in the state, over a five-year period. If needed, the company is ready to extend the investment to INR 4,000 crore in the state, by 2022, a decision that will be made over the coming years.
The investment plan was revealed during the ongoing Global Investor Meet in Chennai (on September 9th and 10th) hosted by the government of Tamil Nadu. Anand Mahindra, the Chairman and Managing Director of Mahindra Group, was present at the event.
The massive investment will fuel the company’s future plans of product development & manufacturing, involving expansion of the Mahindra Research Valley (MRV), and a new vehicle test track for MRV. The new plant and the test track will be established in the 450 acres of land which the company acquired recently, at Cheyyar near Kancheepuram, close to the Mahindra Research Valley that is located at Mahindra World City in Maraimalai Nagar.
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