Chennai, Feb 14 (IANS): Automobile manufacturer Mahindra and Mahindra Saturday said that it plans to invest Rs 4,000 crore over seven years for setting up a manufacturing plant in Tamil Nadu.

"We have been promised that the land will be allocated very soon. The MoU (memorandum of understanding) will be signed during the Global Investors Meet," Pawan Goenka, executive director, automobile division told reporters here.

Goneka was here to attend the curtain raiser event for the Global Investors Meet in May.

"In the first phase, we will set up the test track facility. Second will be an automotive plant," said Goenka.

According to the company, the state government has agreed to provide 255 acres of land at Kancheepuram district.

Goenka elaborated that the new plant will manufacture future products of the company.

"As we develop new products, those products will come from this plant. It will be for both domestic and exp”rts," Goenka said.