Mahindra to Open Technical Centre, Invest $2 Million in Michigan
The Mahindra Group has announced opening a new technical centre in the US state of Michigan to facilitate its expansion into automotive markets worldwide and creating 112 jobs with a total capital investment of $2 million (Rs 12 crore at 1 dollar = 60 rupees).
The centre - Mahindra North American Technical Centre, being opened with support from Michigan Strategic Fund and the Michigan Economic Development, will design, develop and prototype complete vehicle designs to facilitate Mahindra & Mahindra's expansion into automotive markets worldwide.
In a statement on Tuesday, the Michigan Economic Development Corp (MEDC) said Mahindra is opening this new division in the City of Troy and has recently located into a newly-renovated facility that will provide the necessary infrastructure to accomplish these activities.
The company plans to invest nearly $2 million and create up to 112 new professional and engineering services-related jobs, resulting in a $500,000 Michigan Business Development Program performance-based grant.
The City of Troy has offered a 9-year personal property tax abatement.
Michigan Governor Rick Snyder gave welcoming remarks on May 9 during the inauguration of the technical centre and the company's GenZe facility in Ann Arbor where the company is investing $2 million and creating 34 jobs related to scooter manufacturing.
In December, Michigan Strategic Fund supported the project with a $300,000 Michigan Business Development Program performance-based grant.
"Michigan provided us the perfect eco-system to step up our US presence. We were able to draw on the terrific automotive engineering and manufacturing talent available in the state to create industry leading initiatives for the United States," Mahindra Group chairman Anand Mahindra said.
"The North American Technical Centre and GenZe represent important disruptive product incubators for the Mahindra Group. Constant innovation focused on improving the lives of our consumers, employees and the communities they impact is at the core of Mahindra's 'Rise' philosophy and we are delighted to see this come to fruition in the United States," he said.
MEDC president and CEO Michael A Finney said the opening of these facilities will further strengthen Mahindra's Michigan presence and provide additional high paying jobs for years to come.
"Governor Snyder's hands-on involvement in meeting with Mahindra executives was persuasive in our efforts to demonstrate Michigan's singular advantages as a place to locate a business."
As of 11:04 a.m., shares in M&M were trading at Rs 1094.75 apiece on the BSE, down 2.46 per cent from the previous close.
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