Mahindra to invest Rs 3k cr in Gujarat

Farm equipment-to-software group Mahindra & Mahindra today said it will invest Rs 3000 crore in Gujarat to step up presence in the hospitality and real estate sectors in the state.

"Our group companies have signed six MoUs with the Gujarat government totaling an investment of Rs 3000 crore," Mahindra & Mahindra Vice-Chairman and Managing Director Anand Mahindra said here at the 5th Global Summit of Vibrant Gujarat.

He, however, did not specify the time frame for these investments.

Mahindra Lifespaces, the real estate development arm of $7.1 billion Mahindra Group, has signed two MoUs with the state government.

Mahindra World City is developing a real estate project spread across 500 acres of land," he said.

Another group company, Mahindra Holiday & Resorts, that runs the Club Mahindra resorts, will open seven new resorts in the state, Mahindra said, adding "all these new projects will create a lot of new jobs".

Moreover, investments will also be made on solid waste management and domestic waste management projects, he added.

Acknowledging that the investment by M&M is much less compared to those announced by other corporates during the summit here, Mahindra said "but we are doing it with passion".

"Mr Modi I hope you are not angry now as you have been saying that we do not make investments in the state," he quipped.