Mahindra & Mahindra on Thursday said the Maharashtra government has approved its proposal to set up a Rs 10,000-crore electric vehicle plant in Pune under the state's industrial promotion scheme for EVs.
The two sides signed an agreement to this effect at the World Economic Forum in Davos on Wednesday, M&M Ltd said in a statement.
The company, through its subsidiary, will make this investment over a period of 7-8 years for setting up the manufacturing facility, development and production of its upcoming Born Electric Vehicles (BEVs), M&M Ltd said.
Based on the INGLO EV Platform, these models will include the e-SUVs under the iconic brand XUV with the Twin Peak logo in copper and the all-new electric-only brand called 'BE'.
Some of these BEVs were showcased last August in Oxfordshire, UK.
The company has received this approval from the Maharashtra government for setting up its EV manufacturing plant in Pune, and investing in what has been its 'home' state for over 70 years, said Rajesh Jejurikar, Executive Director for auto and farm sector at Mahindra & Mahindra Ltd.
"The government's focus on 'ease-of-doing-business' and progressive policies, together with Mahindra's investment, will act as a catalyst for Maharashtra to become India's EV hub, attracting further Indian and foreign direct investment," he added.