Scania to invest $30 mln in India plant-exec

Swedish truckmaker Scania will invest an initial 1.5 billion rupees ($30.1 million) in an assembly plant in southern Bangalore city for on-road vehicles, the head of the company's Indian unit said today.

Swedish truckmaker Scania will invest an initial 1.5 billion rupees ($30.1 million) in an assembly plant in southern Bangalore city for on-road vehicles, the head of the company's Indian unit said on Tuesday.

The company, which entered India in 2007 with heavy-duty off-road vehicles, targets sales of 2,000 trucks over the next five years in India, Henrik Fagrenius, managing director of Scania Commercial Vehicles India said.

Sales of commercial vehicles in India are expected to grow by 18-20% in the financial year that ends in March, according to an industry body, far outstripping car and motorcycle sales growth in Asia's third-largest economy.