Mumbai, Aug 28 (IANS): Automobile manufacturer Mahindra and Mahindra Thursday announced its plans to make an additional investment of Rs.4,000 crore at its Chakan plant in Maharashtra.

"I am sure that with this expansion, Mahindra will continue to play an integral part in the development of not only the region of Chakan but the state of Maharashtra, as well as the Indian auto industry in times to come," said Pawan Goenka, executive director, Mahindra & Mahindra.

As part of its expansion plans, the company will invest additional Rs.4,000 crore over a seven-year period taking the total investment in Chakan to Rs.8,000 crore.

According to the company a joint declaration was also signed today by Apurva Chandra, principal secretary (Industries), Government of Maharashtra and Pawan Goenka, executive director, Mahindra and Mahindra.

The company added that the new investment will be utilised towards infrastructure development, product development and capacity expansion for vehicles to be rolled out from the Chakan plant.