Mahindra Group to make Rs 1500 crore investment in Nasik plant
The Mahindra Group has said that the investment would be for development and manufacturing of its new product codenamed 'U321'.
Mahindra group has announced to invest Rs 1500 crore in its Nasik and Igatpuri plants in Maharashtra.
The Mahindra Group has said that the investment would be for development and manufacturing of its new product codenamed 'U321'. Even though the company hasn't revealed any details about the upcoming project, it is believed to be a next generation MPV.
The group further stated that the investment at the Nasik plant will be made towards manufacturing of vehicles, while the Igatpuri plant will manufacture and supply engines.
The next generation MPV has been spotted in the past and is said to have been partly developed at Mahindra's North American Technical Centre (MNATC) in Michigan, along with the Mahindra Research Valley in Chennai. The new model is believed to be underpinned by a monocoque frame, which will make it the third product in the car maker's stable after the XUV500 and KUV100.
The spy shots give the estimated that the model will be a major upgrade over the Xylo with more appealing proportions, while the cabin is expected to be spruced up with more tech wizardry on offer.
It has also been qualified as 'Ultra Mega Project' by the government of Maharashtra and is expected to boost investment in the Nasik region. The Nasik plant currently produces a host of Mahindra cars including the NuvoSport, Bolero, Verito, Xylo and even the Thar among others and the new investment will make more room to accommodate the new U321 as well.