Hyderabad, Feb 10 (KNN) The Telangana government has signed an agreement with Mahindra & Mahindra (M&M) to set up an electric vehicle manufacturing facility at Zaheerabad.

As per reports, the proposed EV manufacturing facility is part of the company’s plan to expand the existing manufacturing facility at Zaheerabad in Medak district.

M&M said the proposed expansion would entail setting up of manufacturing facility, including development and production of electric 3 and 4 wheelers pertaining to Last Mile Mobility business at the current plant situated at Zaheerabad.

The automotive manufacturing giant is expected to invest around Rs 1,000 crore over a period of 8 years.

Considering the size of the proposed investment, it is expected to fall under the mega projects category under the EV Investment Policy of the Government of Telangana, M&M said.

Under this partnership, the government of Telangana will assist the company in obtaining necessary approvals for the proposed expansion.

M&M Group is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate. Its standalone net profit surged 45.8 per cent to Rs 2,089.92 crore on 56.52 per cent jump in revenue from operations to Rs 20,839.27 crore in Q2 FY23 over Q2 FY22.  (KNN Bureau)