IBEF: May 29, 2020
Daimler India Commercial Vehicles (DICV) will invest Rs 2,277 crore (US$ 323.02 million) to expand commercial vehicle production at its Oragadam plant near Chennai.
A memorandum of understanding (MoU) was signed between the company and Tamil Nadu government, covering Rs 2,277 crore (US$ 323.02 million) of investments designed to expand its commercial vehicle production, said DICV in a statement.
This investment is expected to generate around 400 jobs, it added.
"This is the second MoU that DICV has signed with the Government of Tamil Nadu. It demonstrates our unshakeable confidence in the long-term potential of India as a market for commercial vehicles, and our ongoing commitment to the country as a whole," DICV MD and CEO Mr Satyakam Arya said.
DICV has already invested Rs 5,500 crore (US$ 780.25 million) on its Oragadam plant.
In 2012, the company launched its made-for-India CV brand and has sold well over 1 lakh trucks and buses in India and abroad till now.
It also exports to around 50 countries and has exported more than 30,000 vehicles and 1.25 crore parts.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.