Mahindra & Mahindra has signed a memorandum of understanding (MoU) with the Telangana government to set up a manufacturing plant in Zaheerabad for the production of electric three- and four-wheelers. The investment for this venture is estimated to be around 1,000 crores and is expected to generate employment for 800 to 1,000 individuals.
This facility will be part of the company’s Last Mile Mobility business. The MoU was signed at the launch of the Telangana Mobility Valley (TMV), India’s first new mobility cluster, during the inaugural edition of the Mobility Next Hyderabad Summit
“According to IT and Industries Minister KT Rama Rao, the upcoming facility by Mahindra & Mahindra will play a crucial role in advancing the objective of the Telangana Mobility Valley, which aims to stimulate the growth of sustainable mobility in India. Situated in Zaheerabad, one of the four Mega Electric Vehicle Manufacturing clusters being developed by the state, the facility will provide Mahindra with access to the infrastructure that is planned to be created in these mega clusters.
Mahindra will work in collaboration with the Telangana government to formulate a plan for the development of electric vehicle and energy storage system manufacturing units in the state.
Rajesh Jejurikar, Executive Director of the Auto and Farm Division of Mahindra & Mahindra, expressed gratitude towards Telangana for its long-standing partnership. He stated, “We are pleased to be expanding our current manufacturing unit at Zaheerabad for our new electric vehicle investment. This investment will aid in maintaining our leadership position in the electric three-wheeler market.”
The MOU signing was attended by Industries Principal Secretary Jayesh Ranjan, Special Secretary for Investment Promotion Dr. E Vishnu Vardhan Reddy, and Automotive and Electric Vehicle Sector Director Gopalakrishnan VC, as per a press release.”