Mahindra Group plans to invest up to Rs 40,000 crore in Karnataka over the next few years to build on its long-standing association with the state.
"Mahindra Group's relationship with Karnataka mirrors the lessons I learned on the Kodagu coffee plantation," Chairperson Anand Mahindra said during the Invest Karnataka summit in Bengaluru on Tuesday, recalling his childhood spent in the coffee estate.
"Our involvement with Karnataka is firmly rooted and deeply intertwined. Most of our major businesses have operations here… The group employs over 25,000 people directly."
Given the supportive outlook of the Karnataka government, "we have no hesitation in investing in long gestation businesses like renewable energy, aerospace, hospitality and real estate in Karnataka", he said.
Mahindra Susten aims to invest Rs 35,000 crore to develop over 5 GW of solar and hybrid projects over the next five years to create 6,000– 8,000 new jobs.
Mahindra Holidays, which operates several resorts in Karnataka, is evaluating expansion into Gokarna and Hampi at an investment of Rs 1,000 crore.
Mahindra Defence Services and Mahindra Aerospace are looking at strategic expansion opportunities in the state worth several hundred crores.
Mahindra Lifespaces, which has commissioned Rs 5,000 crore worth of real projects in Bengaluru, plans to invest Rs 6,000 crore more.
"Karnataka is the hub for our ambitions to stay market leader in the electric three-wheeler space — with 60 patent applications, 54 trademarks, and 10 design registrations," Mahindra said. "Our Last Mile Mobility business is deeply entrenched in the state with its R&D, product development and manufacturing units."
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