Mahindra International to invest Rs 400 crore
Mahindra International will be investing Rs 400 crore over the next three years for manufacturing of commercial vehicles in India.india Updated: Mar 17, 2006 18:49 IST
Mahindra International, a joint venture between Mahindra & Mahindra and US-based International Truck and Engine Corporation, will be investing Rs 400 crore over the next three years for manufacturing of commercial vehicles in India, the first of which will be launched in the second half of next year.
"The company has plans to launch the first commercial vehicle in the Indian market in the second half of the next calendar year," M&M President Automotive Sector and Member Group Management Board Pawan Goenka said.
He said the joint venture companny has earmarked an investment of Rs 400 crore for the next three years, the majority of which will go into "setting up a new plant for the trucks".
"None of our existing facilities have paint shops of the required size for trucks. Currently, the process is on to finalise where to set up the new manufacturing unit," he said without divluging details.
M&M currently manufactures its light commercial vehicles from its Zahirabad plant in Andhra Pradesh.
Goenka said the JV will have a product portfolio of commercial vehicles ranging from 7.5 tonnes to 33 tonnnes.
"It is too early to say which one would be launched first, but for sure by next year one of the products will hit the market," he said.
M&M holds a majority stake of 51 per cent in the joint venture with the rest by ITEC.