Mumbai: Automobile major Mahindra & Mahindra (M&M) on Friday said that it plans to invest Rs 1,500 crore at its Nasik and Igatpuri plants in Maharashtra.

According to the company, the project constitutes development and manufacture of its new product codenamed -- U321-- covering joint investment at its Nasik and Igatpuri plants.

"The investment in the Nasik plant will be towards manufacture of vehicles, while investment in the Igatpuri plant will be for manufacture and supply of engines. The projects will qualify as ‘Ultra Mega Project'," the company said in a statement.-IANS