Mahindra LMM Holds Ground-breaking Ceremony Of EV Facility In Telangana
Listen to This Article
Mahindra Last Mile Mobility (LMM), a part of Mahindra & Mahindra (M&M), on Monday held a ground-breaking ceremony for a new manufacturing unit at its existing plant here.
Telangana Minister for Industries K T Rama Rao was the chief guest, a press release from the automaker said.
The initiative is pursuant to the announcement of the Rs 1,000 crore investment in Telangana that M&M made in February this year. With this new facility, the company aims to build a state-of-the-art battery assembly line, producing power packs and manufacture electronic as well as drivetrain components for electric 3 and 4-wheelers, it said.
The facility would also create employment for 800 to 1,000 employees in the region.
Rama Rao, said EVs are a focus area for the Telangana Government which is committed to develop the right infrastructure and ecosystem for promotion and adoption of electric vehicles.
"This new facility will help in proliferation of EVs not just in Telangana but across India. Congratulations to M&M for the ground-breaking of their new facility. I am sure that this facility will go a long way in generating employment and sustaining livelihoods," the Minister said.
Suman Mishra, CEO, Mahindra Last Mile Mobility said, "Mahindra Last Mile Mobility is at the forefront of India's 3-wheeler electrification journey. I would like to thank the Government of Telangana for their proactiveness and ease of doing business policies under which Zaheerabad has been developed into one of the four mega EV manufacturing clusters. This facility will allow us to access state-of-the-art infrastructure available in the region.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
BoE Loosens Capital Rules
The Bank of England has taken a significant step towards easing post-crisis regulation by lowering its estimate of the c... Read more
Monzo Looks For US Banking License
Monzo is preparing a renewed push to secure a US banking licence, four years after abandoning its first attempt when tal... Read more
Crypto Firms Push Into US Banking
America’s cryptocurrency companies are scrambling to secure a foothold in the country’s traditional banking system, ... Read more
Parallel Banking: Stablecoins Are Now Global
Parallel Banking: How Stablecoins Are Building a New Global Payments SystemStablecoins—digital currencies pegged to tr... Read more
JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity
JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more
Private Equity And Banks: The Complex Web Of Leverage
Private equity has emerged as a significant force in the global financial landscape, driving substantial growth and inve... Read more