Indian conglomerate Mahindra Group plans to double its US investment in the next five years, where it is hoping to its two-wheel electric scooters will win over American millennials. "We're very bullish," executive chairman Anand Mahindra told reporters. "We're going to double our bets here."
The company plans $1 billion in additional investment, executives said. Mahindra, which operates globally in 10 sectors including aerospace, farm equipment and financial services, already has invested $1 billion in the United States, where it has 3,000 employees. The biggest group of workers is in information services with 2,300, which is projected to grow to 5,000 as the company steps up recruitment at US universities.
The company also plans to make additional hires in North American tractors and autos, officials said. Mahindra said he was taking a nuanced view of US environmental politics, planning to co-chair a climate summit with California Governor Jerry Brown in spite of President Donald Trump's vow to exit the Paris climate agreement. "America is not just Washington DC. America is very complex." The company is manufacturing a fleet of electric two-wheel bikes and scooters that executives describe as potential transportation disruptors.