Auto-maker Mahindra & Mahindra (M&M) is planning to establish its tractor manufacturing unit at its existing facility at Zaheerabad in Andhra Pradesh to give boost to industrialization in the backward Telangana region. In this regard, the company will invest Rs 300 crore on the tractor manufacturing facility over the next three years and provide direct employment to about 2,000 people and indirect employment to another 5,000 persons.
This will be the company’s first facility in South India which intended to manufacture 90,000 tractor units per year and also 3 and 4-wheeler commercial vehicles.
At present, the company has its automobile plant spread over 343.36 acres of land at Zaheerabad, 136-km from Hyderabad, where its products like UV (Maxx), 3-wheelers (Champion Alfa), Light Commercial Vehicles and buses are manufactured. It now has employee strength of 641 and a vehicle assembly capacity of 218 vehicles per day.
M&M reported a surge of 77.59% in net profit from ordinary activities after tax of Rs 734.68 crore for the quarter ended December 2010 compared to Rs 413.70 crore in the same quarter last year.
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