Mahindra & Mahindra to invest Rs 2,000 crore in Tamil Nadu and may double the amount

Auto major Mahindra & Mahindra (M&M) is going to invest Rs 2,000 crore in Mahindra Research Valley (MRV), a new Test track for MRV and an automotive plant in Tamil Nadu.

The homegrown auto major might double the amount to Rs 4,000 crore by 2022 for which it can decide over the next few years.

"Mahindra & Mahindra Ltd is signing an MoU with the Government of Tamil Nadu wherein it commits to invest Rs 2,000 crore…to meet the company's future needs over the next 5 years," the company said in a BSE filing.

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," it added.

(Image: Indiatimes)