Mahindra & Mahindra said on Monday it will spend Rs 6,400 crore (Rs 64 billion) over the next three years towards capacity expansion, product development and research and development.
"The company needs to incur considerable expenditure for expansion of capacities, investment in research and development and product development in the next few years," M&M Chairman Keshub Mahindra said at the company's AGM in Mumbai.
"The company proposes to incur capex amounting to Rs 6,400 crore in the next three years," Mahindra said. He added that the future outlook remains positive and the "demand for our products is robust."
Mahindra and Mahindra has plans to set up two greenfield plants, one near Pune and another one near Chennai, in the coming year, Mahindra said.
All subsidiaries of the company continued to maintain a high level of growth and add to shareholders' value, he said. "Tech Mahindra, Mahindra & Mahindra Financial Services, Mahindra Holidays & Resorts and Mahindra Gesco developers have all registered a significantly improved performance," he said.