Mahindra to set up EV plant in Telangana, to invest ₹1,000 cr.

Mahindra & Mahindra Limited, recently, signed a Memorandum of Understanding (MoU) with the Government of Telangana for its proposed expansion plans at its existing manufacturing facility at Zaheerabad in Medak district.

”The proposed expansion would mainly be towards setting up of manufacturing facilities including development and production of electric three- and four-wheelers pertaining to last mile mobility business at the current plant situated at Zaheerabad,’‘ the automaker informed BSE.

The estimated investment for this proposed expansion is expected to be approximately ₹1,000 crore to be made over a period of eight years by the company or any of its group companies.

Considering the size of the proposed investment, it is expected to fall under the mega projects category under the EV Investment Policy of the Government of Telangana.

The MoU provides for facilitation by the State government supporting the company to obtain necessary approvals for the proposed expansion, the company said.

HBL