Mahindra & Mahindra to invest Rs 2000 Crore in Tamil Nadu
Manjiri Meshram / 10 Sep 2015
Mahindra & Mahindra has commited to invest Rs 2000 crore, including its investments in Mahindra Research Valley (MRV), a new Test track for MRV and an automotive plant to meet the company's future needs over the next five years.
Auto major Mahindra & Mahindra has announced an investment of Rs 2,000 crore in Tamil Nadu, and also added that the amount can be doubled by 2022.
Mahindra & Mahindra has commited to invest Rs 2000 crore, including its investments in Mahindra Research Valley (MRV), a new Test track for MRV and an automotive plant to meet the company's future needs over the next five years.
Mahindra & Mahindra Ltd is signing an MoU with the Government of Tamil Nadu. The MoU also provides details of the package of incentives that would be corresponding with the level of investment commitment.
The company will try to increase the investment to Rs 4,000 crore by 2022, but this decision will take over next few years. MRV is located at Mahindra World City, Maraimalai Nagar near Chennai. The MRV test track and the new plant would be set up on about 450 acres of land at Cheyyar near Kancheepuram.
Recently Mahindra & Mahindra posted its Q1FY16 result wherein the total income increased by 9 per cent at Rs.1513 crore against Rs.1384 crore on yearly basis. The Profit After Tax (PAT) declined by 37 per cent to Rs.107 crore during the quarter ended 30th June, 2015 as against Rs.170 crores during the corresponding quarter last year.
The subsidiaries of the company posted good growth, Mahindra Insurance Brokers Limited (MIBL) income stood at Rs.31.7 Crores as against Rs.26.6 Crores, registering a growth of 19 per cent and Mahindra Rural Housing Finance Limited (MRHFL) posted Rs. 339.2 Crores as against Rs. 211.5 Crores during the previous year, registered a growth of 60 per cent over the same period of previous year .
Today Mahindra & Mahindra is trading at Rs 1154, down by 1.4 per cent.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.