M&M to set up EV manufacturing facility in Telangana

Mahindra & Mahindra (M&M) signed a memorandum of understanding (MoU) with the Government of Telangana for its proposed expansion plans at its existing manufacturing facility at Zaheerabad in Medak district.

M&M said the proposed expansion would entail setting up of manufacturing facility, including development and production of electric 3 and 4 wheelers pertaining to Last Mile Mobility business at the current plant situated at Zaheerabad.

The estimated investment for this proposed expansion is expected to be approximately Rs 1,000 crore to be made over a period of 8 years by the company or any of its group company. Considering the size of the proposed investment, it is expected to fall under the mega projects category under the EV Investment Policy of the Government of Telangana, M&M said.

The MoU provides for facilitation by the Government of Telangana supporting the company to obtain necessary approvals for the proposed expansion. The said MoU records the parties' intentions of strengthening mutual cooperation.

M&M Group enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India. It is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.

The auto major's standalone net profit surged 45.8% to Rs 2,089.92 crore on 56.52% jump in revenue from operations to Rs 20,839.27 crore in Q2 FY23 over Q2 FY22.

The M&M scrip ended almost flat at Rs 1372.60 on the BSE.

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