Mahindra and Mahindra will invest Rs 500 crore to set up a new manufacturing unit at its Nashik facility to produce multi-utility vehicle Ingenio.
The company said production for new product is expected to commence by 2008.
"With this additional investment, the production capacity at the existing plant at Nashik will increase to 1,50,000 vehicles per annum and will generate employment for over 500 people," M&M said in a statement.
The new unit will also generate an additional opportunity of more than 2,500 employment in and around Nashik, it added.
On Wednesday, M&M signed a memorandum of understanding with the Maharashtra government for the new project.
Company President Automotive Sector Pawan Goenka said the M&M's decision to set up the new manufacturing facility in Maharashtra affirmed its belief in the state.
"Importantly Maharashtra offers many advantages, including access to a large reservoir of skilled and technical manpower and a well developed supplier base," he said, adding the positive experiences with existing facilities in Nashik, Kandivali, Igatpuri and Nagpur had helped in making the decision to get Ingenio in the state.
Speaking on the occasion, Maharashtra Chief Minister Vilasrao Deshmukh said, given the success of Scorpio and with launching of Logan car in the next year, the new project too would help attract investment and creating employment opportunities in the state.
Ingenio will be built on an all-new platform with state-of-the-art technology and will come with contemporary styling and spacious interiors, it added.
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