Mahindra & Mahindra, a leading commercial and passenger utility vehicle maker, announced Wednesday the company's plan to invest Rs. 7 billion to develop new intermediate commercial vehicles (ICVs) and light commercial vehicles (LCVs) to put the commercial vehicle business on a growth trajectory.
"With a portfolio ranging from 3.5 T to 49 T, Mahindra Truck and Bus Division is set to become a full range CV player within the next 2 years," M&M said.
M&M said the company's truck and bus division has roll out 15,000th heavy commercial vehicle (HCV) from at Chakan in Maharashtra. In addition, the company reached a sales milestone of 125,000 light commercial vehicles (LCVs) on Indian roads.
Speaking on the occasion, Rajan Wadhera, president & chief executive, Truck & Power Train, & Head - Mahindra Research Valley, Mahindra & Mahindra said, ''The CV industry has seen an upturn over the last few quarters which is a good sign. At Mahindra we have been steadily growing and are fully committed to our commercial vehicles business and taking aggressive steps to become a complete CV range player. With planned investments and enhancement of our product portfolio, we look forward to ride the growth trajectory.''
Nalin Mehta, chief executive officer & managing director, Mahindra Truck and Bus Division, Mahindra & Mahindra said, ''The roll out of our 15,000th truck marks another important milestone for us, as we now have over 6,000 customers using our trucks in various applications across the country, with nearly 30% of them opting for repeat purchase. Additionally, MTBD also boasts of over 1.25 lac LCVs on Indian roads. This is a clear vindication of our engineering excellence and the brand Mahindra prowess. At MTBD, customer centricity is at the epicenter of our business and our rapidly expanding after-sales network to reach out to the last mile of our customers bears testimony to this.''
Shares of the company declined Rs 38.55, or 3.07%, to settle at Rs 1,215.30. The total volume of shares traded was 327,526 at the BSE (Wednesday).