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Mahindra plans to set up plant in Tamil Nadu investing Rs.4,000 crore

mahindraAutomobile manufacturer Mahindra and Mahindra Saturday said that it plans to invest Rs 4,000 crore over seven years for setting up a manufacturing plant in Tamil Nadu.

“We have been promised that the land will be allocated very soon. The MoU (memorandum of understanding) will be signed during the Global Investors Meet,” Pawan Goenka, executive director, automobile division told reporters here.

Goneka was in Chennai to attend the curtain raiser event for the Global Investors Meet in May. “In the first phase, we will set up the test track facility. Second will be an automotive plant,” said Goenka.

According to the company, the state government has agreed to provide 255 acres of land at Kancheepuram district.

Goenka elaborated that the new plant will manufacture future products of the company. “As we develop new products, those products will come from this plant. It will be for both domestic and exports,” Goenka said.

The Gross Revenues and Other Income of the company for the quarter ended 31st December 2014 was Rs. 10188 crore as against Rs. 11295 crore in the corresponding quarter previous year.

The Net Profit after exceptional item and tax for the current quarter was Rs. 942 crore as against Rs. 934 crore in the corresponding quarter of the previous year. On a comparable basis the Gross Revenues and Other Income and Net Profit after tax of Q3 of the previous year were Rs. 11422 crore and Rs. 848 crore respectively.

(With inputs from IANS)

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