Encouraged by double-digit growth on the back of new launches in a slowing market, India's largest utility vehicle maker Mahindra & Mahindra plans to invest Rs700-800 crore every year in new offerings in the future. Speaking at the sidelines of the new Maxximo Plus mini truck launch, Rajan Wadhera, CEO, technology, product development & sourcing (Auto & Farm Sector), and group executive board member, M&M, said: "New products have played a big role in our growth in the past few years. We will continue to invest in new products at an average of Rs700 crore to Rs800 crore every year on new products alone, excluding capacity expansion in our automotive business for the next three to five years." M&M has lined up a sub-4 metre Verito,

Source - http://economictimes.indiatimes.com