Top Stories
Mahindra: Telangana: Mahindra & Mahindra to make new investment of Rs 1,000 crore in EV facility at Medak | Hyderabad News
HYDERABAD: Auto giant Mahindra & Mahindra is investing Rs 1,000 crore in setting up a facility for manufacturing electric vehicles for last mile mobility at its Zaheerabad plant in Medak district where it already manufactures tractors.
The investment, which will see the company churn out electric three and four wheelers, will be made over a period of eight years by the company or a group company, M&M said on Thursday after inking a memorandum of understanding (MoU) with the Telangana government.
The proposed expansion investment will create an additional 800-1,000 jobs at Zaheerabad, where the company has already been manufacturing tractors since 2013.
Announcing the latest investment to drive into the recently announced Telangana Mobility Valley (TMV), industries minister KT Rama Rao said: “The proposed facility by M&M will greatly contribute to the goal of TMV to further accelerate the growth of sustainable mobility in India.”
The location at Zaheerabad, one of the four mega EV manufacturing clusters being developed by the state, will allow M&M to access state-of-the-art infrastructure planned to be created in the mega clusters” he added. Rajesh Jejurikar, executive director (auto & farm), Mahindra & Mahindra, said: “We are delighted to consider expansion of the current manufacturing unit at Zaheerabad for our new EV manufacturing investment. This investment will help continue our leadership position in electric 3-wheeler category.”
KTR‘s office said Mahindra & Mahindra will also be collaborating with the state government in laying down the roadmap for development of EV and energy storage systems (ESS) manufacturing units in the state.
According to Mahindra group, considering the size of the investment, the EV manufacturing project is expected to fall under the mega projects category under the Telangana government’s EV investment policy.
The investment, which will see the company churn out electric three and four wheelers, will be made over a period of eight years by the company or a group company, M&M said on Thursday after inking a memorandum of understanding (MoU) with the Telangana government.
The proposed expansion investment will create an additional 800-1,000 jobs at Zaheerabad, where the company has already been manufacturing tractors since 2013.
Announcing the latest investment to drive into the recently announced Telangana Mobility Valley (TMV), industries minister KT Rama Rao said: “The proposed facility by M&M will greatly contribute to the goal of TMV to further accelerate the growth of sustainable mobility in India.”
The location at Zaheerabad, one of the four mega EV manufacturing clusters being developed by the state, will allow M&M to access state-of-the-art infrastructure planned to be created in the mega clusters” he added. Rajesh Jejurikar, executive director (auto & farm), Mahindra & Mahindra, said: “We are delighted to consider expansion of the current manufacturing unit at Zaheerabad for our new EV manufacturing investment. This investment will help continue our leadership position in electric 3-wheeler category.”
KTR‘s office said Mahindra & Mahindra will also be collaborating with the state government in laying down the roadmap for development of EV and energy storage systems (ESS) manufacturing units in the state.
According to Mahindra group, considering the size of the investment, the EV manufacturing project is expected to fall under the mega projects category under the Telangana government’s EV investment policy.
Source link
