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Mahindra Group to Invest Rs. 2325 Crores in Maharashtra

Mahindra Group to Invest Rs. 2325 Crores in Maharashtra

Snapshot: The investment was announced at the Magnetic Maharashtra investor summit in Mumbai by the Group Chairman Anand Mahindra.

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Mahindra Group has announced an investment of Rs. 2300 Crores in three projects in the state of Maharashtra. Out of the 2,300 Crores, nearly 1,700 Crores would be spend on building an entertainment destination at Kandivali, a northwestern suburb of the megapolis. The investment was announced at the Magnetic Maharashtra investor summit in Mumbai by the Group Chairman Anand Mahindra. Prime Minister Narenda Modi inaugurated the Magnetic Maharashtra investor summit, where Chief Minister Devendra Fadnavis was also present.

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Anand Mahindra told that Tech Mahindra, the Group's software company, would invest Rs 125 crore to create an all-green tech hub in Nagpur that will create ate least 2,500 jobs. On the Rs 1,700-crore investment announced in the city, Mahindra said, "we are exploring to set up a unique film-centric entertainment destination on our land at Kandivali in the city as Mumbai is the heart of Hindi film industry." "This will create hundreds of direct and indirect jobs and we plan to spend Rs 1,700 crore on this venture," he told the summit where Prime Minister Modi was also present.

Mahindra Group already has Mahindra Holidays, a successful tour and leisure service provider company, and this announcement further reaffirms the Group's commitment to consolidate the tourism and related segments in a more aggressive manner. Anand also said the company will invest another Rs 500 crore in the state for which his group has "executed an agreement with Maharashtra for an investment of Rs 500 crore under the new electric vehicle policy." It must be noted that Mahindra is the first electric car maker in the country after it bought out the Bengaluru- based electric car company Reva, which again was the first such firm in the country. The company has also won an order of supplying 150 electric sedans to the government-owned ESSL as part of the government push to an all-electric transportation system in the country by 2030.

Source: ET Auto

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