Eying an expansion, homegrown utility vehicle major Mahindra & Mahindra over the next seven years eyes to invest Rs 8,000 crore on its automotive plants in Maharashtra.
The investment will be made over a period of seven years and utilised towards infrastructure development, product development and capacity expansion for vehicles.
Maharashtra Principal Secretary (Industries) Apurva Chandra and M&M Executive Director Pawan Goenka signed a memorandum of understanding (MoU) for the deal in the presence state Chief Minister Devendra Fadnavis.
Currently M&M, which sells various popular vehicles in the country including Bolero, Scorpio and XUV500, has four automotive plants in Maharashtra at Chakan (Pune), Nashik, Kandivali and Igatpuri.
Apart from this, it has two other automotive plants outside Maharashtra at Zaheerabad (Telangana) and Haridwar (Uttarakhand).
The shares of the company today ended at Rs 1,222.70 a piece on the BSE, up 4.65% from previous close.