With an investment of $1 billion, the Mumbai-based Mahindra Group led by Anand Mahindra is all set to strengthen its business in the US over the next five years.
"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 New York.
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In line with the expansion plans, Mahindra Group also targets to double its employees in the US over the next five years from the current headcount of 3,000 people. The planned investment will be allocated across business verticals. However, the quantum of investment would depend on various factors like market conditions and success of projects that are currently in progress in the US.
At present, the $19 billion Mahindra Group generates around $2.5 billion from its seven business verticals in the US. The group is a prominent player in the US in IT industry with Tech Mahindra and Mahindra USA which sells tractors and utility vehicles.
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"The growth will be led by Mahindra USA where we intend to double revenues from $500 million to $1 billion in next five years and then there is Tech Mahindra," Goenka detailed company's expansion plan. Mahindra USA also plans to launch new off-road vehicles in the US with inputs from Mahindra North America Technical Centre (MNATC) besides other group entities.
Goenka further acknowledged how important success in the US is. "Building the Mahindra brand in the US is very important for us because it is the place everyone looks up to. The brand which gets successful in this market gets automatic recognition in so many places," he said.