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Hyderabad: Mahindra & Mahindra (M&M) has announced the establishment of the Last Mile Mobility Electric Vehicle manufacturing facility at a cost of Rs 1K crore in Zaheerabad.
As an expansion of its existing manufacturing operations, M&M joined hands with the government of Telangana by signing a memorandum of understanding (MoU) with it.
It happened on the sidelines of the first edition of Mobility Next Hyderabad Summit during the announcement of Telangana Mobility Valley (TMV), India’s first new mobility-focused cluster.
The development and production of three and four-wheeler electric vehicles for M&M’s Last Mile Mobility business, mentions the MoU.
The proposed investment will create an additional 800-1,000 jobs at Zaheerabad, where the company has already been manufacturing tractors since 2013.
This union will develop a roadmap for the manufacturing of electric vehicles and energy storage systems in the state.
According to the Mahindra group, considering the size of the investment, the EV manufacturing project is expected to fall under the mega projects category under the Telangana government’s EV investment policy.
Announcing the latest investment to drive into the recently announced Telangana Mobility Valley, the Telangana government announced that Mahindra & Mahindra will collaborate with the state in laying down the roadmap for the development of EV and energy storage systems (ESS) manufacturing units here in Telangana.
“The proposed facility by M&M will greatly contribute to the goal of TMV to further accelerate the growth of sustainable mobility in India. The location at Zaheerabad, one of the four mega EV manufacturing clusters being developed by the state, will allow M&M to access state-of-the-art infrastructure planned to be created by the state in the mega clusters,” read the statement by the state government.
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( With inputs from www.siasat.com )
