India Steel Market Watch
October 15: Home-grown auto major Mahindra & Mahindra (M&M) plans to invest Rs 300 crore to develop new products in the 9-16 tons category in heavy commercial vehicles.
The company is also planning to invest Rs 200 core in existing products in the 5-7 tons category.
Pawan Goenka, Executive Director, Mahindra & Mahindra, said, “The new truck will be in the 9-16 tons category, where the company has no presence now and should be ready in two-and-a-half years. Apart from this, our existing product in the 5-7 tons category would be updated.”
Goenka further added generally the company makes capital expenditure worth Rs 2,500 crore in every financial year in the automotive and tractor segments.
M&M is likely to launch 5 more vehicles in the current financial year.