Mahindra Group to double US investment by 2022, says Pawan Goenka

The Indian conglomerate has invested $1 bn in US market till date, employs about 3,000 Americans

Indian conglomerate Mahindra Group plans to double its investment in the US within the next five years, the group's top executives have said.

Mahindra has invested $1 billion in the US market to date, employing about 3,000 Americans and generating annual revenue of $2.6 billion, Xinhua news agency cited Mahindra and Mahindra, Managing Director Pawan Goenka as saying.

Goenka said the company plans to invest another billion dollars in the next five years as well as doubling its US headcount as it looks to expand operations.

Also on Monday, the group's e-bike and e-scooter brand GenZe announced the partnership with the logistics platform Postmates to bring zero-emission transportation solutions to New York City and San Francisco.

With an initial deployment of the GenZe 2.0e model e-Scooter and e-Bike in the countries' major delivery markets, Postmates plans to expand the partnership to additional locations in its more than 200-city network over the next year.

The electric vehicles will help couriers to speed up delivery by about 20 per cent.