Mahindra & Mahindra (M&M) will invest Rs 1,500 crore at its Nasik and Igatpuri plants in Maharashtra for the manufacturing of a new product code named U321.

The investment in the Nashik plant will be towards manufacture of vehicles, while that at Igatpuri plant will be for manufacture and supply of engines. The projects will qualify as ‘Ultra Mega Project’.

“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,” said Pawan Goenka, Managing Director at Mahindra & Mahindra.

rajesh.kurup@thehindu.co.in