PRESS TRUST OF INDIA
New Delhi, 4 September
Mahindra and Mahindra today said it will invest Rs 10,000 crore in the next three years on capex and launching new products.
The company is scouting for locations, including options outside its Chakan plant in Maharashtra, to set up its new plant to manufacture new products and will take a final decision within this fiscal.
“In the next three years, we are investing Rs 10,000 crore out of which Rs 7,500 crore will be for capex on automotive and farm equipment and another Rs 2,500 crore investment will be on group companies,” Mr Pawan Goenka, president (automotive and farm equipment), Mahindra and Mahindra, told reporters on the sidelines of the annual convention of Society of Indian Automobile Manufacturers (Siam).
As part of the overall capex, the company is developing two-three new platforms for brand new products which will hit the market around FY 2016.
“These new products will be rolled out from completely new plant. Location for which will be decided within this fiscal,” Mr Goenka said.
The company is still in discussion with the Maharashtra government. Earlier, it had decided to put on hold all investment at its Chakan plant due to VAT refund issues with Maharashtra government.