Bajaj Auto to pump in Rs 650 crore to set up new plant in Maharashtra
By MYBRANDBOOK
Bajaj Auto has inked an agreement with the Maharashtra government to set up a manufacturing facility, the company said in a notification to the stock exchanges on Tuesday. As part of the agreement, the Pune-based company has proposed an investment of Rs 650 crore in Chakan, Maharashtra.
The unit, expected to commence production in 2023, will be utilised for manufacturing high-end KTM, Husqvarna and Triumph motorcycles as well as for electric vehicles (EVs) starting with Chetak, the firm said.
The investment comes at a time when most auto firms are straddled with excess capacities. The outbreak of the pandemic in February, which led to a nationwide slowdown in the following months, added more speed bumps to an already slowing auto market.
Propped up by dispatches for the festivals, India sold 1.6 million two wheelers in November, posting a YoY growth of 13.43 per cent.
With the demands facing a backlash, sales are expected to cool off
After mobility services provider Ola said it will set up its first EV manufacturing plant in Tamil Nadu and invest Rs 2,400 crore, Bajaj is the second firm to announce investment in a facility to make e-scooters.
The Maharashtra government will help Bajaj Auto in obtaining necessary permissions, registrations, approvals, clearances and fiscal incentives. “This further reinforces the commitment of Bajaj to Maharashtra where the journey began. And it is being done in a year when Bajaj Auto celebrates its 75th anniversary,” the firm said.
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