Mahindra to invest Rs. 1,500 crore for Innova-rivaling MPV

Mahindra & Mahindra will be making an investment of Rs. 1,500 crore for the expansion of its manufacturing plants in Nasik and Igatpuri. This investment will fund the development and manufacturing of the company's upcoming MPV offering, which is expected to compete against the Toyota Innova Crysta.

The said investment in the Nasik plant will be aimed at vehicle manufacturing, while the Igatpuri plant's expansion is being done for manufacturing and supplying engines for the upcoming Mahindra MPV. The company hasn't yet revealed any specific details about the MPV (internally codenamed as the U321), though it is expected to be unveiled in the second half of this year.

The Mahindra U321 was first spotted testing on public roads in July last year. It is being speculated that the MPV is being developed with inputs from the company's North American technical centre in Michigan.