Mahindra cut-down in expenditure plans for coming years

Mahindra Group one of the largest Auto market player in SUV segment in India has decreased its capital expenditure by an amount of Rs 500 crore for next three years till 2012. Contact renegotiation's with its vendors are the largest contributor in the cutting of the capital expenditure. According to company There hasn't been any changes in the plans of Mahindra group of launching new plants and facilities in India. According to company the group is going to spend Rs 2500 crore in its Chakan plant. The plans of launching a pick-up vehicle in US market is going on track.

According to Mr Goenka, President M&M (automotive sector) said that we are cautious about next financial year. the good news is that no permanent damage has been done by the slowdown witnessed in the last quarter of 2008.