Mahindra & Mahindra Ltd (M&M) on Tuesday said it will manufacture its new tractor series K2 exclusively at its Zaheerabad facility in Telangana, where it will bring incremental investments of Rs 100 crore and double employment in the plant by 2024.
The new K2 series is Mahindra's most ambitious light-weight tractor programme. It has four platforms and the company will introduce 37 models in various horsepower (HP) ratings for domestic and international markets, including the US, Japan and South East Asia, M&M said in a regulatory filing.
The new tractor series has been developed through close collaboration between the engineering teams from Mitsubishi Mahindra Agricultural Machinery of Japan and Mahindra Research Valley, India.
"The new series will enable Mahindra to introduce products across four new tractor platforms, in the sub-compact, compact, small utility and large utility tractor categories, covering 37 models across various HP points," it said.
M&M Executive Director, Automotive & Farm Equipment Sector, Rajesh Jejurikar said the K2 series project is focused on diversity and scalability to meet the varied expectations and different regional requirements of customers and markets across the world.
"Our Zaheerabad facility which has always received tremendous support from the government of Telangana, is very well equipped to meet this challenge and we hope to substantially improve employment opportunities through this project," he added.
M&M has invested close to Rs 1,087 crore at the Zaheerabad facility, which employs over 1,500 workers, with a capacity of over one lakh tractors per year on a two-shift basis.
"K2 will bring incremental investments of Rs 100 crore into Mahindra''s Zaheerabad facility and double employment in the tractor plant by 2024," the filing added.
The plant has the flexibility to roll-out over 330 different tractor variants ranging from 30 to 100 HP. It also produces Mahindra''s rice transplanters and tractor-mounted combine harvesters.
Besides manufacturing farm equipment, Mahindra''s Automotive Division also manufactures a wide range of cargo and passenger vehicles at Zaheerabad plant.