Mahindra & Mahindra Limited has announced its plans to invest Rs 2000 crore, over the next five years, in Tamil Nadu to expand its manufacturing and research capabilities by setting up a Mahindra Research Valley (MRV), Test track for MRV and an automotive plant in the state. An MoU to this effect has been signed by Mahindra & Mahindra Ltd with the Government of Tamil Nadu.
“The company is signing an MoU with the Government of Tamil Nadu wherein it commits to invest Rs. 2,000 crores including its investments in Mahindra Research Valley (MRV), a new Test track for MRV and an automotive plant to meet the company's future needs over the next 5 years,” said Mahindra & Mahindra Ltd in a BSE filing today.
While the MRV is located at Mahindra World City, Maraimalai Nagar near Chennai, the MRV test track and the new plant would be set up on about 450 acres of land at Cheyyar near Kancheepuram. The MoU also provides details of the package of incentives that would be commensurate with the level of investment commitment.
The Mahindra group is also planning to increase the investment to Rs 4,000 crores by 2022 for which the decision will be taken over the next few years.