JUST IN
Auto parts sourcing start-up CapGrid raises $7 mn in series A from Nexus
Edible oil makers get additional 6 months to remove packing temp details
CPP Investments anchors new IndoSpace fund with $205 mn investment
Adani Group CFO says stocks rout similar to colonial-era massacre
Dutch electronics giant Philips to cut 6,000 jobs worldwide over next 2 yrs
Air India to use new program for real-time reporting of in-flight incidents
Coworking firm Smartworks forays into Ahmedabad with 56k sq ft office space
India's Laurus Labs posts 32% profit jump on demand for drug ingredients
RE company SolarArise sells portfolio to LSE-listed investment trust
Most customers don't trust organisations over their data use in AI
You are here: Home » Companies » News
HUL board approves hiking royalty to parent from 2.65% to 3.45% of turnover
icon-arrow-left
Auto Expo 2023 witnesses turnout of 636k visitors after a 3-yr hiatus: SIAM
Business Standard

Maharashtra govt approves M&M proposal to set up Rs 10k-cr EV plant in Pune

The two sides signed an agreement to this effect at the World Economic Forum in Davos on Wednesday, M&M Ltd said in a statement

Topics
Mahindra & Mahindra | M&M | Electric Vehicle

Press Trust of India 

Mahindra and Mahindra
The company, through its subsidiary, will make this investment over a period of 7-8 years for setting up the manufacturing facility, development and production of its upcoming Born Electric Vehicles (BEVs), M&M Ltd said

Mahindra & Mahindra (M&M) on Thursday said the Maharashtra government has approved its proposal to set up a Rs 10,000-crore electric vehicle plant in Pune under the state's industrial promotion scheme for EVs.

The two sides signed an agreement to this effect at the World Economic Forum in Davos on Wednesday, M&M Ltd said in a statement.

The company, through its subsidiary, will make this investment over a period of 7-8 years for setting up the manufacturing facility, development and production of its upcoming Born Electric Vehicles (BEVs), M&M Ltd said.

Based on the INGLO EV Platform, these models will include the e-SUVs under the iconic brand XUV with the Twin Peak logo in copper and the all-new electric-only brand called 'BE'.

Some of these BEVs were showcased last August in Oxfordshire, UK.

The company has received this approval from the Maharashtra government for setting up its EV manufacturing plant in Pune, and investing in what has been its 'home' state for over 70 years, said Rajesh Jejurikar, Executive Director for auto and farm sector at Mahindra & Mahindra Ltd.

"The government's focus on 'ease-of-doing-business' and progressive policies, together with Mahindra's investment, will act as a catalyst for Maharashtra to become India's EV hub, attracting further Indian and foreign direct investment," he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

Read our full coverage on Mahindra & Mahindra

First Published: Thu, January 19 2023. 17:47 IST

`
RECOMMENDED FOR YOU
.