M&M to invest additional Rs. 4,000 crores for Chakan plant expansion

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Mahindra & Mahindra has announced that it would make an additional investment of Rs. 4,000 crores at its Chakan plant over a seven-year period, taking the total investment in the plant to Rs. 8,000 crores.

A joint declaration was signed in Mumbai on August 28 by Mr. Apurva Chandra, Principal Secretary (Industries), Government of Maharashtra, and Dr. Pawan Goenka, Executive Director, Mahindra & Mahindra Ltd., in the presence of Mr. Prithviraj Chavan, State Chief Minister, Mr. Ajit Pawar, Deputy Chief Minister, Mr. Narayan Rane, Minister for Industry, Mr. Sachin Ahir, Minister of State for Industry, and Mr. Anand Mahindra, Chairman, Mahindra Group, and other dignitaries.

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Mr. Anand Mahindra, Chairman, Mahindra Group, (left), and Dr. Pawan Goenka, Executive Director, Mahindra & Mahindra Ltd.

Discussing the expansion plans, Mr. Anand Mahindra said: “The Mahindra Group would like to express its deep and sincere gratitude to the Government of Maharashtra for its visionary industrial policies and efficient governance practices. This has prompted us to take the decision to scale up our world class Chakan plant, making Maharashtra a key partner in our growth over the coming years”.

Speaking on the occasion, Dr. Pawan Goenka observed: “We are delighted to announce the next phase of our expansion plans at Chakan and would like to thank the Government of Maharashtra for their continuous and unstinted support. I am sure that with this expansion, Mahindra will continue to play an integral part in the development of not only the region of Chakan but the State of Maharashtra, as well as the Indian auto industry in times to come”.

The additional Rs. 4,000 crores will be utilized towards infrastructure expansion, product development and capacity hike for vehicles to be rolled out of the Chakan plant. The Maharashtra Government has conferred the status of ‘Ultra Mega Project’ to this proposed expansion. In addition, there will be further investment by suppliers to cater to the increased requirement.