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Zaheerabad (Andhra Pradesh), March 6 (IANS) Automotive major Mahindra & Mahindra Wednesday launched its tractor manufacturing plant with an annual capacity of one lakh tractors, claimed to be the biggest in Asia.
Andhra Pradesh Chief Minister N. Kiran Kumar Reddy inaugurated the Rs.300 plant in the presence of some of his cabinet colleagues and Anand Mahindra, chairman, Mahindra Group.
The plant will initially manufacture 1,000 tractors per month and achieve the ultimate capacity in four years. The plant has come up over 80 acres in a short span of 18 months in this town of Medak district, 110 km from Hyderabad.
"This is a very proud moment and a significant milestone for us," said Mahindra. He described the plant as part of Mahindra & Mahindra's philosophy of creating shared value.
The plant has 280 employees, which will go up to 1,600 with full production.
Seven suppliers of Mahindra & Mahindra have also set up their operations with each supplier bringing an investment of Rs.20 crore.
Pawan Goenka, president, Automotive and Farm Equipment Sectors, Mahindra & Mahindra Ltd., said more suppliers would set up their operations on 100 acres of land allotted by the state government.
Minister for major industries J. Geeta Reddy invited the company to set up its proposed four-wheeler plant in passenger and load carrier segments to Zaheerabad.
"We will discuss the proposal with the government. It is too early to say anything," Goenka said about the investment they would be making in the proposed plant