based commercial automaker Mahindra & Mahindra has confirmed that they are going to build a new manufacturing unit at its Nasik facility to produce multi-utility vehicle ‘Ingenio’.

This plant would be manufactured with an investment of Rs 500 crore and they expect to roll out this new vehicle by 2008 in the Indian market.

The company said in a statement on these plans: “With this additional investment the production capacity at the existing plant at Nasik will increase to 1, 50,000 vehicles per annum and will generate employment for over 500 people.”

Mahindra & Mahindra also signed on a memorandum of understanding (MoU) with the Maharashtra government for the new project on Wednesday.

Company president, Automotive Sector, Pawan Goenka added: “Importantly Maharashtra offers many advantages including access to a large reservoir of skilled and technical manpower and a well developed supplier base.”