Mahindra to invest Rs 10,000 crore for new EV factory in Pune

Mahindra announced on Wednesday that its plan to invest Rs 10,000 crore in Pune – to set up an EV manufacturing plant – has been approved by the Maharashtra government under its industrial promotion scheme for electric vehicles.

1. Investment will be made over a period of 7-8 years
2. Mahindra's born electric INGLO-based SUVs to be made here

The company – through its subsidiary – will make said investments over a period of 7-8 years. Mahindra will set up the facility, and develop and manufacture its upcoming Born Electric Vehicles (BEVs) – some of which were showcased in the UK on August 15 – at this plant. Based on the state-of-the-art INGLO EV Platform, the BEVs include the e-SUVs under the iconic XUV brand, and the all new electric-only brand called ‘BE’, the company said in a statement.

“We are delighted with this approval from the Govt. of Maharashtra for setting up our EV Manufacturing Plant in Pune, and investing in what has been our ‘home’ state for over 70 years,” said Rajesh Jejurikar, executive director, Auto & Farm Sectors, Mahindra & Mahindra Ltd. “We are very thankful to the Government of Maharashtra for their continued support. 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.”