Mahindra Group to invest Rs 700 cr to develop new commercial vehicles

As part of its growth plans for commercial vehicle business, Mahindra Truck and Bus Division (MTBD), a part of the Mahindra Group, will invest Rs 700 crore to develop new intermediate commercial vehicles (ICV) and light commercial vehicles (LCVs). With a portfolio ranging from 3.5 T to 49 T, Mahindra Truck and Bus Division is set to become a full range CV player within the next 2 years.
 
Rajan Wadhera, president and chief executive - truck & power train, and head - Mahindra Research Valley, Mahindra & Mahindra Ltd, said, "The CV industry has seen an upturn over the last few quarters which is a good sign. At Mahindra, we have been steadily growing and are fully committed to our commercial vehicles business, and taking aggressive steps to become a complete CV range player. With planned investments and enhancement of our product portfolio, we look forward to ride the growth trajectory."