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GM to invest $200 million in India engine plant
Posted by Yogesh on Thursday, 28 August, 2008
MUMBAI said on Thursday it would invest more than $200 million in a powertrain plant in India, as the troubled U.S. carmaker aims to double its share of a fast-growing but increasingly competitive market.
The facility, which will be located in Talegaon in western Maharashtra state at the site of GM’s second vehicle plant in India, will have an annual capacity of 160,000 units that can be expanded to 300,000 units, GM said in a statement.
The plant will make petrol and diesel engines and is expected to be completed in the first quarter of 2010, it said.
“We cannot remain a global industry leader without a strong presence in India,” its India head Karl Slym said at a news conference to announce the signing of a memorandum of understanding with the state government.
“This will enable us to capture more opportunities in one of the fastest growing vehicle markets in the world,” he said.
GM, which makes the Chevrolet-badged Tavera, Optra, Aveo and Spark in a plant in western Gujarat state, will have a capacity to make 140,000 vehicles in the new Talegaon car plant.
Source Reuters
