Mahindra and Mahindra to put Rs.15 bn more in Chakan projectMarch 31st, 2008 - 2:56 pm ICT by admin
Mumbai, March 31 (IANS) Auto major Mahindra and Mahindra (M&M) will be investing an additional Rs.15 billion in the development of the Chakan Greenfield automotive production project coming up near Pune. A memorandum of understanding has been signed with the Maharashtra government to boost the Rs.40 billion project for which Rs.25 billion had already been earmarked, said a company statement.
The MoU was signed in the presence of Maharashtra Chief Minister Vilasrao Deshmukh.
The project envisages the manufacturing of medium and heavy commercial vehicles to be produced by the joint venture company, Mahindra International.
M&M group chairperson Keshub Mahindra said the setting up of the project would help in creating jobs and fostering the state’s economic growth.
The official communiqu