Mahindra Group – one of the popular names in Indian automobile industry will look forward to expand its tractor and automotive businesses with an investment of Rs 7500 crores over the period of next three years. Each year, the company will spend approximately Rs 2500 crores a year on its auto as well as farm equipment business proceedings that include two-wheelers, commercial vehicles, tractors and SUVs. New products will be launched in several segments boosted by this investment.
The company is expected to invest close to Rs 300 crores on MCV and ICV platforms, which will help launch a number of vehicles post-2017. Pawan Goenka, the President of M&M group, automobile and farm sector said, "We have had some product gaps (which affected sales volumes across segments) but new product launches have started and these new products will pull us out." Incidentally, the company has recently launched Jeeto – a 2.32 lakh unit, which has already attracted a sum of Rs 300 crores.
Pawan Goenka added, "The Rs 7500 crore capex will include two new compact SUV platforms as well as new intermediate commercial vehicles (ICV) and medium commercial vehicles (MCV) platforms." The SUV segment will also be enhanced by the launch of the facelift model of Scorpio and XUV 500 – two best-selling models in this segment. The car manufacturer had sold 36706 units as compared to 37869 during the same period last year.
