Bajaj Auto gets nod from Maharashtra Government for Rs 650 crore investment; signs MoU
Bajaj Auto Limited informed the bourses on Tuesday after the market hours that it has signed a memorandum of understanding (MoU) with the Government of Maharashtra for setting up a manufacturing facility on a proposed investment of Rs 650 crore in Chakan (Maharashtra).
The manufacturing facility, which will be commencing its production in the year 2023, will be used for the manufacture of high-end KTM, Husqvarna, and Triumph motorcycles as well as for electric vehicles, starting with Bajaj Chetak. Under the arrangement, the Government of Maharashtra will help Bajaj Auto in obtaining necessary permissions/registrations/approvals/clearances/fiscal incentives from the authorised and concerned departments of the state in line with the existing policies/rules & regulations of the Government of Maharashtra. Further, the investment has ensured the commitment of Bajaj Auto towards the state of Maharashtra, where the journey began. This would be a good thing to celebrate for the company along with its 75th anniversary, which is around the corner.
Bajaj Auto is an India-based manufacturer of motorcycles, three-wheelers & parts. The business segments of the company include automotive, investments & others while its geographical segments include India as well as the rest of the world. The company’s manufacturing plants are located in Waluj & Chakan (Maharashtra) along with one in Pantnagar (Uttarakhand).
At 12.28 pm on Wednesday, the stock of Bajaj Auto Ltd was trading at Rs 3,315.25, up by 1.41 per cent and is quite close to its intraday high of Rs 3,316.00.