Bajaj Auto announced that it has signed a Memorandum of Understanding with the Government of Maharashtra to set up a manufacturing facility on a proposed investment of Rs 650 crore in Chakan, Maharashtra.
The facility is expected to commence production in 2023. This facility will be utilised for manufacturing high end KTM, Husqvarna and Triumph motorcycles as well as for electric vehicles starting with Chetak.
Under the arrangement, the Government of Maharashtra will facilitate Bajaj Auto in obtaining necessary permissions/ registrations/ approvals/ clearances/ fiscal incentives etc. from the concerned departments of the State, as per the existing policies/ rules and regulations of the Government of Maharashtra.
The announcement was made after market hours yesterday, 22 December 2020. Shares of Bajaj Auto rose 1.14% to settle at Rs 3,269.30 yesterday.
Bajaj Auto manufactures of motorcycles, three-wheelers and parts.
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