M&M signs MoU with Tamil Nadu govt to invest Rs 2,000 cr
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Mahindra & Mahindra Limited is signing an MoU with the Tamil Nadu government to invest around Rs 2,000 crore in Mahindra Research Valley, near Chennai.
The investment will be to set up a new test track for MRV and an automotive plant to meet the company's future needs over next 5 years.
The company could also increase the investment to Rs 4,000 crore by 2022 for which it can decide over the next few years, according to company's BSE announcement.
While the 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.
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