M&M Gets Maharashtra Nod For Rs 10,000-Crore EV Plant In Pune
Mahindra & Mahindra Ltd. has received approval from the Maharashtra government to invest Rs 10,000 crore in an electric vehicle manufacturing plant in Pune.
It will invest the funds through its subsidiary over a seven- to eight-year period to establish a manufacturing facility and begin production of Mahindra's upcoming electric vehicles, the company said in an exchange filing.
The EVs would include the e-SUVs under the 'XUV' brand and the all-new electric-only brand called 'BE'.
"We are delighted with this approval from the government of Maharashtra for setting up our EV manufacturing plant in Pune and investing in what has been our ‘home' state for over 70 years," Rajesh Jejurikar, executive director of auto and farm sectors at Mahindra, said.
The company expects electric SUVs to comprise a quarter of its total SUV sales by 2027. It had announced investment of Rs 10,000 crore in July with plants to invest Rs 2,000 crore in FY23 and FY24, and Rs 6,000 crore between FY25 and FY27.
The automaker has also executed a binding agreement with the UK's development finance institution to invest up to Rs 1,925 crore each into a wholly owned subsidiary of M&M that will be newly incorporated.
After unveiling its first electric SUV XUV400 in September, Jejurikar told BQ Prime that the company plans to raise additional funds for the electric business over next two years and is searching for like-minded partners.
Rivals Hyundai Motor India Pvt. and Tata Motors Ltd. have already announced plans to launch multiple battery-powered models in a similar time period as Indian automakers firm up plans to transition towards electric mobility.
On Aug. 15, Mahindra had said it will launch five electric SUVs, with first four expected to launch between 2024 and 2026.
The auto major also announced a new INGLO EV platform. All EVs, including the five planned models, will be built on the platform that allows modular and scalable design along with a significant reduction in underbody weight.
Shares of Mahindra & Mahindra Ltd. traded 0.1% lower as of 12:51 p.m., compared with 0.3% gain in the S&P BSE Sensex.
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