Mahindra to invest Rs 700 cr in commercial vehicle biz

The company wants to develop intermediate and light commercial vehicles

Tractor and utility vehicles manufacturer Mahindra and Mahindra (M&M) today said it will invest Rs 700 crore in its commercial vehicle business to develop intermediate and light commercial vehicles.

With a portfolio ranging from 3.5T to 49T Mahindra truck and bus division is set to become a full range CV player within two years, the Mumbai-based company stated.

Rajan Wadhera, president and chief executive - truck and power train, M&M said, "The CV industry has seen an upturn over the last few quarters which is good sign. We have been steadily growing and are fully committed to our commercial vehicles business and taking aggressive steps to become to complete CV range player. With planned investments and enhancements of our product portfolio, we look forward to ride the growth trajectory".