Mahindra signs MOU with Telangana Government to expand its existing manufacturing facilities at Zaheerabad Plant

Mahindra and Mahindra Ltd has signed a MOU with the Government of Telangana for its proposed expansion plans at its existing manufacturing facility at Zaheerabad Plant in Medak District. The proposed expansion would mainly be towards 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 crores 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.

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.

Shares of Mahindra & Mahindra Limited was last trading in BSE at Rs. 1365.20 as compared to the previous close of Rs. 1372.60. The total number of shares traded during the day was 88534 in over 5500 trades.

The stock hit an intraday high of Rs. 1387.00 and intraday low of 1351.25. The net turnover during the day was Rs. 121372165.00.

Source : Equity Bulls

Keywords

MahindraandMahindra INE101A01026 MOU ExpansionPlan ZaheerabadPlant TelanganaGovernment