NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News  » Business » M&M plans 1500 cr unit in Uttaranchal soon

M&M plans 1500 cr unit in Uttaranchal soon

October 04, 2006 14:03 IST

Mahindra and Mahindra will soon set up a Rs 1,500 crore (Rs 15 billion) four-wheeler facility in Uttaranchal, a government release said.

M&M Chairman Keshav Mahindra met Chief Minister N D Tiwari on Tuesday and held talks regarding the new facility for which the company is looking for nearly 250 acres of land near Haridwar, Roorkee and Pantnagar, the release said.

Through its new facility, the company would employ nearly 2,000 persons, it said.

The Mahindras set up a 50,000 units per annum three-wheeler manufacturing facility in the Haridwar Integrated Industrial Estate at a cost of Rs 70 crore (Rs 700 million) last year, which also includes Neel Metal Product Ltd, exclusively set up to supply cabs, cargo bodies and other sub-assemblies and aggregates

for the parent company.

The Mahindras -- one of the many auto giants to have chosen Uttaranchal to set up their facilities in the past few years -- also have a tractor factory at Rudrapur where it produces one lakh vehicles per year.

Two wheeler heavyweights Hero Honda and Bajaj Auto and the automotive major Tata Motors are the others who opted for the state formed in 2000. While Hero Honda is setting up a factory at Haridwar at Rs 1,900 crore (Rs 19 billion), Tata Motors would be producing its Ace trucks at its Rs 25 crore (Rs 250 million) Pantnagar facility.

Meanwhile Bajaj Auto is pumping in around Rs 500-600 crore (Rs 5 to Rs 6 billion) on its plant in the Pantnagar Industrial Estate.

Do you want to discuss stock tips? Do you know a hot one? Join the

© Copyright 2018 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.