Mahindra to expand Zaheerabad plant with ₹1,000 crore, make electric vehicles
The Hindu
Shot in the arm for Telangana government’s push for creating an ecosystem for EVs as company signs MoU for a manufacturing facility, including development and production of electric 3 and 4 wheelers
Automobile maker Mahindra & Mahindra will be setting up an electric vehicle manufacturing facility as part of expansion of its plant in Zaheerabad.
The expansion would mainly be towards setting up of manufacturing facility, including development and production of electric 3 and 4 wheelers pertaining to Last Mile Mobility business at the current plant in Zaheerabad, the company said in a filing to the stock exchange on Thursday.
Announcing that it has signed a memorandum of understanding with the State government pertaining to the proposed expansion plans at the Zaheerabad plant, in Medak district, the company said the estimated investment, on the proposed expansion, will be around ₹1,000 crore over 8 years. It will made by the company or any of its group company. Considering the quantum of the proposed investment, it is expected to fall under the Mega Projects category of the EV Investment Policy of Telangana government.
The MoU provides for facilitation by the State government in terms of supporting the company to obtain necessary approvals for the expansion. It also records the two parties’ intentions of strengthening mutual cooperation.
Zaheerabad is home to one of the largest tractor manufacturing facilities of M&M. The plant’s capacity is 1 lakh tractors per year on a two-shift basis and the company has invested more than ₹1,000 crore on the plant.
The State government in a release on the MoU signing said the expansion project will be creating employment for about 800 -1000 people and M&M will also collaborate with Telangana to lay down roadmap for development of electric vehicle and energy storage systems manufacturing units in the State.
Welcoming the investment, Industries and IT Minister K.T.Rama Rao said the proposed facility by M&M will greatly contribute to the goal of Telangana Mobility Valley to further accelerate the growth of sustainable mobility in India. Zaheerabad is one of the four mega EV Manufacturing clusters being developed by the State and M&M would thus have access state-of-the-art infrastructure planned to be created by the State in such mega clusters, he said.
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