Homegrown auto major Mahindra & Mahindra’s investment in technology and product development has risen over 16-fold in ten years to touch Rs 1,938 crore in 2015-16. The company, which is betting big on innovation and aims to be among the top 50 'Most Admired' brands in the world by 2021, also filed 173 patents in 2015-16.
“Our investment in technology and product development has grown from Rs 115 crore in FY 2005-06 to Rs 1,938 crore in FY 2015-16,” Mahindra & Mahindra said in its annual report for 2015-16. “We filed 173 patents in FY16, compared to 156 in the previous year,” it said adding its efforts towards technology development and generating IPR have been recently recognised with three prestigious national awards.
It further said: “Going forward, we will continue to enhance our technology and product development capability by leveraging the neural network with MRV (Mahindra Research Valley) in Chennai and our partners across the globe.” The MRV facility has been the birthplace of automotive products like XUV500, TUV300, KUV100 and the new-age tractors Arjun NOVO and Mahindra YUVO.