Mahindra & Mahindra announced that the Maharashtra government had approved their proposal to establish a Rs 10,000 crore EV factory in Pune as part of the state’s industrial promotion program for EVs.
M&M Ltd stated in a statement that the two parties had signed an agreement in this regard at World Economic Forum, Davos.
This investment will be made by the company through its subsidiary over a period ranging from 7-8 years to set up the manufacturing plant and develop and produce its upcoming Born Electric Vehicles.
These models, based on the INGLO EV Platform will include the electric SUVs under the iconic brand XUV in copper with the Twin Peak logo and the brand-new electric-only brand ‘BE’.
Some of these BEVs were displayed last August in Oxfordshire, United Kingdom.
This approval was granted by the Maharashtra government to allow the company to establish an EV manufacturing facility in Pune and invest in its ‘home state’ for more than 70 years. Rajesh Jejurikar is Executive Director for the auto as well as farm sectors at Mahindra & Mahindra Ltd.
He added, “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.”