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India's Mahindra plans $1.2bn plant to accelerate EV push

Automaker expects to roll out first electric models in 2024

This Mahindra electric concept SUV was unveiled at India Auto Expo 2020.   © Reuters

BENGALURU -- Indian automaker Mahindra & Mahindra plans to invest 100 billion rupees ($1.2 billion) to set up an electric vehicle factory in the west of the country, accelerating its drive into a sector that is expected to grow rapidly in the coming years.

Mahindra, along with local rival Tata Motors, is rushing to beef up its operations to head off growing competition from overseas manufacturers speeding into the South Asian nation.

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