Mahindra to invest add’l US$14M in next expansion phase

MUMBAI, India — Mahindra & Mahindra, India’s leading SUV manufacturer, recently announced that it would make an additional investment at its Chakan plant in Maharashtra. As part of its expansion plans, the company will invest additional US$14 million over a 7-year period.

Discussing the expansion plans, Anand Mahindra, Chairman, Mahindra Group, 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, Executive Director, Mahindra & Mahindra said, “We are delighted to announce the next phase of our expansion plans at Chakan and would like to thank the Govt. 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.”

A total of US$14 million will be utilized towards infrastructure development, product development and capacity expansion for vehicles to be rolled out from the Chakan plant. The Government of Maharashtra has conferred the status of “Ultra Mega Project” to this proposed expansion. In addition there will be further investment by suppliers to cater to our increased requirement.

The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency. A US$16.5 billion multinational group based in Mumbai, India, Mahindra employs more than 180,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership.

In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defense, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two-wheeler industries.

In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world’s largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times ‘Boldness in Business’ Award in the ‘Emerging Markets’ category in 2013.