New Delhi, Feb. 12 -- When Mahindra & Mahindra announced a Rs.15,000-crore investment in Maharashtra on 6 February, the headline figure overshadowed a structural shift in its manufacturing strategy. India's oldest automotive conglomerate is abandoning the fragmented manufacturing model on which its empire was built in favour of huge integrated hubs that can produce tractors, SUVs, and electric vehicles.

year commitment includes a 1,500-acre Nagpur plant, a 150-acre supplier park in Sambhajinagar (formerly Aurangabad), and engine-capacity expansion near Nashik. It represents roughly 14% of the company's average annual capital expenditure during its current three-year investment cycle. But this modest percentage belies the company's ambiti...