Mahindra to invest Rs 10,000 crore to set up EV plant
Indian automaker Mahindra and Mahindra Ltd said on Wednesday it would invest Rs 10,000 crore ($1.21 billion) to set up an electric vehicle manufacturing plant in Pune as part of its aggressive push in the country’s EV space.
India’s car market is tiny compared to its population, with electric models making up just one per cent of the total annual car sales of about 3 million, but the government wants to grow this to 30 per cent by 2030.
The Mumbai-headquartered conglomerate said it had gotten approval for the investment from the Maharashtra state government and would spread the investment over a 7-8 year period.
