Mahindra and Mahindra to put $375 Mn more in Chakan project

Monday, 31 March 2008, 07:00 Hrs
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Mumbai: Auto major Mahindra and Mahindra (M&M) will be investing an additional 15 billion in the development of the Chakan Greenfield automotive production project coming up near Pune.

A memorandum of understanding has been signed with the Maharashtra government to boost the 40 billion project for which 25 billion had already been earmarked, said a company statement.

The MoU was signed in the presence of Maharashtra Chief Minister Vilasrao Deshmukh.

The project envisages the manufacturing of medium and heavy commercial vehicles to be produced by the joint venture company, Mahindra International.

M&M group chairperson Keshub Mahindra said the setting up of the project would help in creating jobs and fostering the state's economic growth.

The official communiqué also quoted M&M (Automotive Sector) president Pawan Goenka as saying the Chakan Greenfield project would enable the company to evolve a production facility to manufacture 300,000 vehicles.
Source: IANS
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