new delhi after dominating the indian market with its indigenouslybuilt suv scorpio mahindra mahindra mm is working on one of its most ambitious projects building an allnew suv from scratch with an eye on foreign markets mm will invest rs 700800 crore in the new product that is expected to be out before the next fiscalendafter losing fords jaguar and land rover jlr to tatas mm seems to have taken up the challenge to build its own new global brand for foreign markets while naming the product under development as global suv mm feels the new suv has a market abroad where people are looking for a valueformoney vehicle mm vc and md anand mahindra had earlier said that the indian utility vehicle major was not worried over the jlr loss but rather set to compete with the suv makerpawan goenka president automotive division of mm said the new suv will be manufactured at the companys chakan plant in maharashtra and positioned a notch higher than the flagship scorpio yes we are building an allnew suv and are investing rs 700800 crore for this product that will come at a premium to the scorpio in terms of pricing and positioning goenka saidhowever while goenka referred to it as an suv sources engaged in development said it will be a crossover a vehicle derived from a car platform while borrowing features from a suv crossovers that offer riding comfort of a car while carrying the macho looks of an suv typically are designed for light offroad capability some of the popular crossovers are bmw x3 honda crv nissan rouge and toyota highlander it is being built in such a way that it will give us complete flexibility on what we require from it as per various markets the basic body structure would remain the same even though the vehicle can be a righthand drive or lefthand meet varying safety requirements or run on different fuels goenka said adding that the first vehicle would roll out with a diesel option while others like hybrid could follow laterindia would also be a target market for the product even though this is being developed as a global product it will also be sold in india as well he added sources said the new product could be priced at rs 10 lakh