M&M warns Maharashtra | autos | Hindustan Times
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M&M warns Maharashtra

Utility vehicle major Mahindra and Mahindra (M&M) has said it may move its future investments out of Maharashtra if the latter does not clarify its stand on VAT refunds soon. HT reports.

autos Updated: Feb 21, 2012 21:30 IST
HT Correspondent

Utility vehicle major Mahindra and Mahindra (M&M) has said it may move its future investments out of Maharashtra if the latter does not clarify its stand on VAT refunds soon.


Mahindra has two factories in the state — at Nashik and Chakan — and is considering doubling its capacity at Chakan.

“We may have to move out of the state if it is not favourable,” said Pawan Goenka, president (automotive sector), M&M.

Maharashtra had modified rules for VAT refunds in March 2011 that impacted the state’s profitability of manufacturing units.