Mahindra and Mahindra which is an automaker from India has said today that it is going to invest Rs. 10,000 crore for setting up a manufacturing plant for electric vehicles in Pune as a part of its push for the EV space in the country. The investment plant has been approved under the Maharashtra Government and its industrial promotion scheme for the electric vehicles.
Mahindra is known for the sports utility vehicles it makes along with jeeps has now said that it is going to now manufacture its Born Electric Vehicles range which includes the Electric Vehicle variant of the popular XUV 700 in its new plant.
Through its subsidiary, Mahindra is going to make investments of close to Rs 10,000 crore in the period of 7-8 years for setting the manufacturing facility up, development and production of the BEVs of Mahindra and a few others which had been showcased in UK in the month of August in the year.
Rajesh Jejurikar who is the executive director of the company said that they are delighted with the approval which has come from the Maharashtra Government for setting the EV manufacturing plant up in Pune and investing in what they call their home state for over 7 decades.
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As of now, India does not have a huge sale of electric vehicles with Electric vehicles only making about 1% of the total sales of cars of close to 3 million however government wants to help in the growth of this by 30% by the year 2030.
Currently Pune is home to a few of the top manufacturers of the country which includes Hero MotoCorp , Bajaj Auto Ltd and the Indian Mercedes- Benz and Volkswagen unit.
The company is currently in talks with many investors who they think will invest in the companies going forward.