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February 13, 2018 Tuesday
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M & M to invest Rs500 crore to set up EV unit in Maha
Sanjay Jog

Mumbai: Mahindra & Mahindra (M&M) has proposed investment of Rs 500 crore for electric vehicle (EV) production in Maharashtra, just a week after the state Cabinet came up with a policy to promote such investment.

The company will soon zero in on the manufacturing site either at Nashik or Igatpuri.

State industries secretary Sunil Porwal confirmed that M&M was so far the first automobile company to communicate its proposal for investment in the EV space since the policy for the production and sale of the battery charged vehicles, or Evs, was cleared by the state Cabinet on February 6.

However, another official from the state industries department said that M&M's investment in e-vehicle will be of the order of Rs 1,000 crore.

On contacted, an M&M spokesperson declined to comment.

The state industries department official said M&M has said the proposed Rs 500 crore investment in Maharashtra will be in addition to the Rs 600 crore the company has invested in its EV venture.

"The company has informed that it proposes to increase EV capacity from the present level of 200 units to 1,000 units by the end of 2018 and to 5,000 by 2020," the official said.

As per the state's EV policy, the incentive to the first one lakh EVs (70,000 two-wheelers, 20,000 three-wheelers and 10,000 four-wheelers) will be provided for a period of five years. Private owners will have to pay 15% less than the total cost, with a maximum limit of Rs 5,000 for two-wheelers, Rs 12,000 for three-wheelers and Rs 1 lakh for cars. They will get this amount in their bank account within three months of purchase.

EVs will be exempt from road tax and registration fees.

EVs will also be charged as per the residential rate.
February 12, 2018
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