The proposed investment at the two plants would cover development and manufacture of the company's new product codenamed U321, M&M said in a statement.
The investment in the Nasik plant will be towards manufacture of vehicles, while investment in the Igatpuri plant will be for manufacture and supply of engines, it added.
"I am sure that with this expansion, Mahindra will continue to play an integral role in the development of not only the region of Nasik but the entire state of Maharashtra," M&M Managing Director Pawan Goenka said.
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