Hyderabad: Mahindra and Mahindra will commence production of tractors next month at its new facility at Zaheerabad in Medak district of Andhra Pradesh.
M&M currently 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 is investing Rs 300 crore on the new tractor manufacturing facility where it intends to manufacture 90,000 units per annum, providing direct employment to about 2,000 persons.
Briefing newsmen at the end of a meeting with industrialists here this afternoon, AP Major Industries Minister J Geeta Reddy said contrary to claims, the state was witnessing significant growth on the industrial front.
"Of the 115 proposals we have received during the Partnership Summit last January, 10 have already gone into production while another 73 are under implementation.
In fact, AP’s industrial growth rate in 2011-12 stood at 7.33 percent, as against the national average of 3.95 percent," the Minister said.
Of the 69 investment proposals cleared by the State Investment Promotion Board, headed by the Chief Minister, 21 units have already started production with an investment of Rs 20,176 crore and employment creation of 41,605.
Four more units, set up with an investment of Rs 3468 crore, were ready to commence production and another 40 (Rs 58,689 crore) were under implementation.
"Investors from countries like Japan, the Netherlands, Sweden and Queensland are coming to the state with investment proposals. The investment scenario in the state is encouraging, compared to other states, despite recession. AP is now ranked No.3 in industrial growth after Gujarat and Maharashtra," Geeta Reddy said.
First Published: Saturday, December 15, 2012, 22:40