M&M to invest Rs 100 cr in Punjab's IT sector

LUDHIANA: The $4.5-billion Mahindra Group, on Tuesday, said it will invest Rs 100 crore in the IT sector in Punjab, besides tapping its agri potential by taking up potato seed development in the state.

“Our group company Tech Mahindra Limited, which provides IT solutions, will invest Rs 100 crore in the Rajiv Gandhi Technology Park for IT development in Punjab and will offer 3,000 jobs to the people,” Mahindra and Mahindra Vice Chairman and Managing Director Anand Mahindra told reporters here

Considering huge agri potential of the state, Mahindra said, the group was keen to develop potato seed in Ludhiana, Jalandhar and Nawanshahar.

"Our company Mahindra Subhlabh will start developing potato seed in the state through contract farming. The company will provide technical know-how and extension services to the farmers for producing high quality potato seed," informed Mahindra, who was felicitated with Vardhman award by Ludhiana Management Association for Entrepreneur of the year 2006.

On being asked about the ramping up the capacity of Punjab Tractors Ltd, in which M&M had acquired 43.5 per cent stake couple of months back, Mahindra said, "We are quite keen in expanding the capacity of PTL but it will take some time."

Mahindra Group has also urged the Punjab government for setting up a university in Chandigarh in line with its objective of establishing a Mahindra University. "Mahindra University will open 5 university campus and we intend to open first such campus in Chandigarh," he said.