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| M&M-ITEC joint venture to invest |
| The commercial vehicle venture will leverage M&M's extensive dealer network
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| INDIA
, 17-January-2007
1:29:29 AM |
| Mahindra & Mahindra (M&M), through its joint venture with the U.S.-based truck major International Truck and Engine Corp (ITEC), will set up a greenfield plant in Pune in Maharashtra to make commercial trucks.
The joint venture will invest Rs. 2,500 crore in the next five to six years in the plant, which will cover an area of 700 acres.
The exact location of the plant is still to be decided but M&M on Tuesday said it would make medium & heavy commercial vehicles, which would be designed and developed with in-house capabilities. It would have an initial capacity to 2.50 lakh vehicles annually.
While production at the plant is expected to commence in two years, it will also make new generation M&M vehicles that will principally be used for commercial purposes, including making of engines, transmission and other aggregates for vehicles.
The vehicles will have 90 per cent local content from the start. Addressing the media here, Anand Mahindra, Vice Chairman and Managing Director, M&M, said, "the ITEC joint venture is a significant step in our evolution as an integrated player in the global automotive market.''
Pawan Goenka, President, Automotive Sector, M&M, said, "From the new plant, our long term objective is to export 20 per cent of production but we will initially focus on the domestic market. Initially, we are planning a capacity of 70,000 commercial vehicles annually with 20,000 coming up at the Zaheerabad light commercial vehicle (LCV) unit and 50,000 annually coming up in Pune.''
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