Indian automobile manufacturing giant Mahindra & Mahindra is all set to open its new plant in Detroit, United States, this year, reported the Economic Times. The report states that M&M has deployed $1.5 billion in US to generate revenue of $2.5 billion. The company is targeting doubling these figures in next two or three years.
With setting up of this plant this fiscal year, M&M will become the first Indian company to do so. The company plans to manufacture off-road utility vehicles in the plant.
“We are looking at opening (the plant) this year. That’s a major milestone where an Indian automotive company is opening up manufacturing in a resurgent Detroit. I think that’s a wonderful twist of history,” chairman Anand Mahindra was quoted as saying by the ET.
Managing Director of the group, Pawan Goenka added, “It’s an interesting niche of a few thousand in a year. So we won’t be mass producing in the beginning. These categories of vehicles are unique to the US but are not approved for the highways.”
Anand Mahindra also said that the US, he believed, was ‘one of the most rewarding places to invest’. Trump’s policies on immigration which have been criticised will play out with negative consequences almost five-ten years later but it doesn’t take away the attractiveness of America,” he was quoted as saying.