Government of Maharashtra confers status of 'Ultra Mega Project' to proposed expansion Mahindra & Mahindra, India's leading SUV manufacturer, today announced, in the presence of the Government of Maharashtra, that it would make an additional investment at its Chakan plant in Maharashtra. 

As part of its expansion plans, the company will invest additional Rs 40 billion a 7-year period taking the total investment in Chakan to Rs 80 billion.

Speaking on the occasion, Dr. Pawan Goenka, Executive Director, Mahindra & Mahindra said, "We are delighted to announce the next phase of our expansion plans at Chakan and would like to thank the Govt. of Maharashtra for their continuous and unstinted support. I am sure that with this expansion, Mahindra will continue to play an integral part in the development of not only the region of Chakan but the state of Maharashtra, as well as the Indian auto industry in times to come."

Shares of the company gained Rs 10.55, or 0.76%, to settle at Rs 1,406.85. The total volume of shares traded was 42,488 at the BSE (Thursday).