Mahindra & Mahindra Ltd has announced in the presence of the Government of Maharashtra, that it would make an additional investment at its Chakan plant in Maharashtra. As part of its expansion plans, the company will invest over Rs. 500 crores in its Electric Vehicle (EV) Project under the new EV Policy of the Government of Maharashtra.

The investment for EV and EV Components is in addition to its ongoing expansion plan in Chakan which includes an initial investment of Rs. 6,500 crores. This additional investment of Rs. 500 crores will be utilized towards product development and capacity enhancement for electric vehicles and related components.

The MoU was signed by Sunil Porwal, Additional Principal Secretary (Industries), Government of Maharashtra and Dr. Pawan Goenka, Managing Director, Mahindra & Mahindra Ltd. in the presence of Shri Devendra Fadnavis, Hon'ble Chief Minister, Government of Maharashtra and other dignitaries present at the Magnetic Maharashtra Conference currently underway in Mumbai.

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