Homegrown auto major Mahindra & Mahindra today said it will invest Rs 1,500 crore at its Nasik and Igatpuri plants in Maharashtra for development of a new product codenamed 'U321'.
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.
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"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.
Government of Maharashtra has confirmed 'Ultra Mega Project' status to the proposed investment in the two plants.
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