Mahindra looks to acquire 350-acre land parcel in Igatpuri
The Mumbai-based automaker already has manufacturing plants in Nashik and Igatpuri.
"We have submitted a letter of interest for 350 acres of land in Igatpuri, which is part of our ecosystem," Mahindra & Mahindra (M&M) Executive Director and CEO for auto and farm sectors Rajesh Jejurikar told reporters here.
He stated that Nashik and Igatpuri plants could benefit from a feeder facility in the vicinity.
"The land parcel could be used for multiple things, including setting up a supplier park and anything that we may need more for either Nashik or the Igatpuri plant," Jejurikar added.
The company is at a preliminary stage and would have to go through the whole process of due diligence, and then land purchase needs a different level of approval, he noted.
"We still have to go through the process of meeting all approvals, internal and regulatory, before we actually make a decision...So, the whole process is not complete, but the expression of interest is accurate," Jejurikar said.
Mahindra & Mahindra CEO, Automotive Division, Nalinikanth Gollagunta said the company is looking to expand production capacity of its Chakan-based manufacturing by around 2.4 lakh units in the first phase this year.
The overall production capacity of the plant would go up to 7.5 to 7.6 lakh units per year after the expansion.
"We are also exploring setting up greenfield locations to put out the production capacity beyond 2027," Gollagunta stated.
Mahindra has plans to invest over ₹ 27,000 crore in its automotive business between FY25 and FY27.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
17 minutes ago
- Hindustan Times
PM Modi reviews Delhi sections of UER-2, Dwarka Expressway before inauguration
Prime Minister Narendra Modi on Sunday reviewed the Delhi section of the Dwarka Expressway and the Urban Extension Road-II (UER-II) and interacted with the construction workers of both the highways, before inaugurating the projects which are worth a combined cost of nearly ₹11,000 crore. According to the Prime Minister's office, the projects have been developed under a comprehensive decongestion plan for Delhi.(ANI File Photo) The Prime Minister along with union minister of road transport and highways, Nitin Gadkari, chief minister of Delhi, Rekha Gupta and chief minister of Haryana, Nayab Singh Saini reviewed the two projects. The first stretch is Alipur to Dichaon Kalan part of Urban Extension Road-II (UER-II) along with new links to Bahadurgarh and Sonipat, which is built at a cost of around ₹5,580 Crores. He also inaugurated the 10.1 km long Delhi section of Dwarka Expressway, that has been developed at a cost of around ₹5,360 crore. Urban Extension Road-II (UER-II): Alipur to Dichaon Kalan stretch The Urban Extension Road-II (UER-II) is aimed to ease traffic on Delhi's Inner and Outer Ring Roads and busy points like Mukarba Chowk, Dhaula Kuan, and NH-09. The 76-km Urban Extension Road-II (UER-II), designed as Delhi's third Ring Road, will give direct access to Bahadurgarh and Sonipat, improve industrial connectivity, cut city traffic, and speed up goods movement in the National Capital Region, reported PTI. According to the National Highways Authority of India (NHAI), Modi will flag off four of the five packages of UER-II, connecting Mahipalpur near IGI Airport to Alipur in North Delhi. UER-II will link to the Delhi-Dehradun Expressway, starting near Akshardham temple, enabling faster routes from Haryana and Rajasthan towards Dehradun. A new 65 km highway from Tronica City to the under-construction FNG Expressway has also been approved. In future, the corridor will connect five major NCR expressways: Delhi-Dehradun, Delhi-Meerut, Noida-Greater Noida, DND-Faridabad, and Yamuna Expressways. Also read: PM Modi to inaugurate UER-II, Dwarka Expressway shortly: What to know about the mega highway projects Delhi section of Dwarka Expressway The fresh 10.1 kms of the Dwarka expressway, or the Delhi section of the expressway adds on to the 19 km long Haryana section that was earlier inaugurated by Prime Minister Narendra Modi in March 2024. The Delhi section of the expressway will comprise a four level interchange, with two of them constructed under the ground. Marked with an eight-lane shallow and four-lane airport tunnel, it will also usher in Multi-modal connectivity to Yashobhoomi, DMRC Blue line and Orange line, the upcoming Bijwasan railway station and the Dwarka cluster Bus Depot, ensuring a seamless commute across the national capital region. It would also cut short the travel time from Sonipat, Rohtak, Bahadurgarh and Gurugram to the Delhi airport, significantly. A 34-lane wide toll plaza will also be constructed as a part of this expressway, said a PTI report. A stretch of 5.9 km of this section from Shiv Murti intersection to the Road Under Bridge (RUB) at Dwarka Sector-21 and another stretch of 4.2 km from Dwarka Sector-21 RUB to the Delhi-Haryana Border, will be providing direct connectivity to Urban Extension Road-II (UER-II). It would also be linking the proposed 'twin tube tunnel' on NH 148AE, connecting Shiv Murti intersection to Nelson Mandela Marg. Seamless mobility across NCR According to the Prime Minister's office, the projects — the Delhi section of the Dwarka Expressway and the Urban Extension Road-II (UER-II) — have been developed under a comprehensive decongestion plan for Delhi. With the objective of smoothening connectivity, cutting short travel time, and easing traffic disruptions, these initiatives reflect Prime Minister Modi's vision of creating world-class infrastructure that enhances ease of living and ensures seamless mobility, read a statement by the PMO on Saturday.
Hindustan Times
17 minutes ago
- Hindustan Times
PM Modi inaugurates Dwarka Expressway, UER-II: Impact on NCR housing, commercial and warehousing markets
Prime Minister Narendra Modi on August 17 inaugurated the 76-km Urban Extension Road-II (UER-II), envisioned as Delhi's third Ring Road, along with the 29-km Dwarka Expressway. Together, these projects form a key part of the Centre's decongestion strategy for the capital, aimed at cutting travel time across Delhi and adjoining regions while easing pressure on the existing Ring Road and other arterial routes. Prime Minister Narendra Modi on August 17 inaugurated the 76-km Urban Extension Road-II (UER-II), envisioned as Delhi's third Ring Road, along with the 29-km Dwarka Expressway.(ANI, PTI) For NCR residents, the enhanced connectivity is expected to drive residential and commercial growth. According to real estate experts, the corridor is set to emerge as a hub for mid-segment and premium housing, while also boosting logistics and warehousing activity. This is what real estate experts have to say The Urban Extension Road-2 (UER-2) along with the Delhi stretch of the Dwarka Expressway, has been built at a cost of around ₹8,000 crore. The four-to-six-lane expressway will connect Alipur to Mahipalpur through Mundka, Bakkarwala, Najafgarh, and Dwarka, dramatically reducing travel time from Indira Gandhi International Airport to various NCR cities. With seamless links to the Delhi-Chandigarh, Delhi-Rohtak, and Delhi-Mumbai Expressways, UER-2 is expected to ease congestion, lower fuel costs, and enhance connectivity to Sonipat, Panipat, Karnal, Ambala, Rohtak, Jind, and Bahadurgarh, said experts. Commercial real estate stands to gain significantly as UER's connectivity to major highways will spur demand for warehouses, logistics hubs, and retail spaces in Bahadurgarh and Rohtak, real estate experts said. The Urban Extension Road, connecting Alipur, Dwarka Expressway, Mahipalpur and Delhi section of the Dwarka Expressway is set to enhance connectivity and reduce commute time in the entire National Capital Region. 'These flagship projects have the potential to uplift the real estate landscape in catchment areas such as Dwarka, Najafgarh, Rohini and localities along NH-48 and Dwarka Expressway, particularly bolstering commercial, residential and warehousing demand in the long-term. With close to 3 million sq ft of Grade A office stock nearing completion in the NH-48 micro market, commercial real estate activity across demand segments is likely to gain traction in the next few years,' said Vimal Nadar, national director and head, Research at Colliers India. The inauguration of UER II (Urban Extension Road II) marks a milestone for Delhi NCR. This high-speed, signal-free corridor connects major routes including NH 44, NH 9, and NH 48, along with the Dwarka Expressway, the Delhi Mumbai Expressway, and the international airport. 'From a property market perspective, the operationalisation of UER II is set to spark a significant revaluation across several micro markets. It will likely boost residential activity in Dwarka as well as in peripheral locations such as Kundli, Sonipat, and Narela. We believe, the impact will go beyond simple price appreciation. The new connectivity corridor is expected to create a broader and more resilient base of demand. It will open access to budget friendly locations for both homebuyers and businesses while preserving seamless connectivity to Delhi's primary commercial hubs,' said Ravi Nirwal, sales director and principal partner, Square Yards. Navdeep Sardana, founder, Whiteland Corporation said, ' UER-II will seamlessly connect key destinations such as Sonipat and Panipat while easing travel across the region, setting the stage for stronger economic lifelines and future-ready development. Importantly, this will give emerging micro-markets along the corridor far greater accessibility to mainstream hubs of Gurugram, catalyzing both residential and commercial growth." The Dwarka Expressway corridor, now at the heart of this transformation, is fast emerging as one of NCR's most promising destinations, he said. Also Read: Gurugram homebuyers hit by steep hike in circle rates, face higher stamp duty burden The connector will cut travel time from Gurugram and Delhi to Sonipat, Panipat and beyond, while enabling seamless access from the Delhi border to IGI Airport. By bypassing traditional chokepoints, this connectivity will redefine how people and businesses engage with emerging locations. 'The government's focus on world-class infrastructure is not only unlocking new growth corridors but also instilling fresh confidence in Tier-2 cities like Panipat, where improved accessibility drives economic vibrancy, stronger business ecosystems, and sustained real estate growth,' said Robin Mangla, president M3M India. Also Read: Is Gurugram's luxury real estate boom sustainable? Experts weigh in on price and demand trends "Sonipat's real estate is on the brink of a major boom post-UER-2 inauguration, with enhanced connectivity slashing commute times from Sonipat to IGI Airport by over half and linking seamlessly to Dwarka Expressway. Property prices here remain 30-50% lower than Gurugram or Noida, yet Kundli land values have surged 190% since 2020, while Sector 35 saw 252% appreciation in three years. Developments like Maruti Suzuki's Kharkhoda plant, alongside UER-2's spurs, will attract industries and professionals, spurring demand for affordable homes and logistics hubs,' said Abhay Kumar Mishra, president and CEO, Jindal Realty. This enhanced connectivity will ripple across the region, linking key highways such as Delhi-Chandigarh and Delhi-Jaipur, said Harinder Dhillon, National Sales Head, BPTP.
Mint
17 minutes ago
- Mint
Godrej Properties net debt rises 42 pc to ₹4,637 cr in Q1, debt-equity ratio at 0.26
New Delhi, Aug 17 (PTI) Realty firm Godrej Properties' net debt has risen 42 per cent in June quarter to ₹ 4,637 crore as the company looks to expand its business to meet strong housing demand. Its net debt stood at ₹ 3,269 crore at the end of last fiscal. According to its latest investors presentation, the company's debt to equity ration has risen to 0.26 from 0.19 but it is still at a very comfortable level. In a conference call with analysts, Godrej Properties MD and CEO Gaurav Pandey said, "From a debt perspective, we have laid out an absolute cap that we would like to look at for net debt of ₹ 10,000 crore. So, we do have a fair amount of room and even that would only take us to about 0.5 or a little bit above that range." He noted that there is more than enough sources of cash, both between operating cash flow and room to borrow a little bit in case there is any short-term need. "But I think the decider of exactly where debt ends this year will be how much beyond this ₹ 20,000 crore guidance, we are able to do on business development," Pandey said. In the last few years, Godrej Properties has been very aggressive in acquisition of land parcels to build group housing projects as well as plotted (residential) development. For the current 2025-26 financial year, the company has given a guidance that it will acquire multiple land parcels to build housing projects worth ₹ 20,000 crore. During the first quarter of this fiscal, Godrej Properties acquired five land parcels to build housing projects with revenue potential of ₹ 11,400 crore. The company acquired these five new land parcels in Mumbai, Pune, Bengaluru and Panipat. These acquisitions were through outright purchase and joint development agreements with land owners. Godrej Properties has maintained that it is on track to meet or even exceed ₹ 32,500 crore sales bookings target for this fiscal. During the 2024-25 fiscal, the company's sales booking rose 31 per cent to a record of ₹ 29,444 crore from ₹ 22,527 crore in the preceding year. In the first quarter of this fiscal, Godrej Properties reported an 18 per cent decline in its pre-sales or sales bookings to ₹ 7,082 crore. During the last two financial years, Godrej Properties was the country's largest real estate firm in terms of sales bookings. The company is likely to retain its top rank for the third consecutive fiscal year, if it achieves the sales bookings target of ₹ 32,500 crore. On financial front, Godrej Properties recently reported a 15 per cent increase in its consolidated net profit to ₹ 598.40 crore in the first quarter of this fiscal as against ₹ 518.8 crore in the year-ago period. Total income, however, fell to ₹ 1,620.34 crore in the April-June period of 2025-26 fiscal against ₹ 1,699.48 crore in the corresponding period of the preceding year. The Mumbai-based firm posted a net profit of ₹ 1,389.23 crore on a total income of ₹ 6,967.05 crore during the last financial year.
