Mumbai : Auto major Mahindra & Mahindra (M&M) on Friday said it plans to invest Rs 1,500 crore at its Nashik and Igatpuri plants, along with ongoing expansion of Rs 4,500 crore at Chakan facility in Maharashtra for the next phase of expansion.
“We are investing Rs 1,500 crore at our Nashik and Igatpuri plants, which will help us in expanding our production capacity by 50,000 vehicles to 2,00,000 vehicles. The Nashik projects will qualify as ‘Ultra Mega Project’ and it will be funded through internal accruals,” M&M managing director Pawan Goenka told reporters here.
The Nashik project constitutes development and manufacture of its new product codenamed U321, covering joint investment at Nashik and Igatpuri. The investment in the Nashik plant will be towards manufacture of vehicles, while investment in the Igatpuri plant will be for manufacture and supply of engines. We invest around Rs 2,500 crore every year towards capex plan and investment in Nashik will be part of our investment strategy, Goenka said, reports PTI. The company had earlier announced Rs 4,500 crore investment in the Chakan facility as part of its expansion programme, he said, adding that the part I of the phase II has completed. “We are going ahead with part II now. Discussing the company’s expansion plans.
