Mahindra & Mahindra has said it has signed an agreement to invest INR40bn (USD1bn) for a new truck factory in the western state of Maharashtra.
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The factory will be built in a joint venture with Navistar International, the Mumbai-based company said after signing the pact with the state government.
The facility, which will initially produce medium and heavy commercial vehicles, will have an initial capacity of 300,000 units a year, the company said.
Mr Keshub Mahindra, Chairman of the Mahindra Group, said “M&M’s new investment at the upcoming Chakan facility, besides contributing to the state’s economic growth will also produce jobs for the locals in that region. We have always been at the forefront to add value to the Indian automobile industry. This project is in keeping with this tradition of mutual growth.”
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