BENGALURU (Reuters) -Indian automaker Mahindra and Mahindra Ltd said on Wednesday it would invest 100 billion rupees ($1.21 billion) to set up an electric vehicle (EV) manufacturing plant near the western city of Pune. The Mumbai-headquartered conglomerate said the investment, for which it has received approval from the Maharashtra state government, would be spread over a 7-8 year period. Known for its sports utility vehicles (SUVs) and jeeps, Mahindra will manufacture its upcoming Born Electric Vehicles (BEVs) range that includes the EV variant of its popular SUV, the XUV 700, at the new plant.