Mahindra Group plans to invest $1 billion (approximately Rs 64.27 billion) across various business areas in the United States in the next five years, PTI reported on Sunday. The conglomerate’s aim is to double revenue in the United States market to $ 5 billion (approximately Rs 321 billion) over the next five years.
Mahindra Group, which currently employs around 3,000 people in the US, also aims to double that figure, with the goal of expanding operations.
“We have so far invested around $1 billion in the US among all the businesses and we should invest another billion over the next five years,” Mahindra & Mahindra Managing Director Pawan Goenka told PTI in an interview. The quantum of investment would depend on various factors like market conditions and success of various projects that are currently underway in the US, he added.
Goenka said Mahindra has bid for a US postal service contract, and the Mahindra North America Technical Centre is launching a new off-road vehicle, both of which will enable the company to grow exponentially. “Building the Mahindra brand in the US is very important for us because it is the place everyone looks up to,” he told the news agency. “The brand which gets successful in this market gets automatic recognition in so many places.”
Goenka acknowledged that Tech Mahindra is facing visa issues in the US. But he said that the number of Indians working in the US for Mahindra was low, except in the IT sector. “The company’s objective has never been to bring in people from India. We have invested here we have employed people here and thus we are not really been impacted by the new polices.”
The Donald Trump administration’s policies have led Tech Mahindra to focus on local hiring. It is hiring from US colleges this year.