Indian carmaker Ashok Leyland announced on 4 March that it will invest US$655.4 million in the next three years on various projects, including its light commercial vehicle joint venture with Japanese automaker Nissan.
Ashok Leyland Managing Director R Seshasayee told reporters on a day before inaugurating the company's Pantnagar integrated trucks unit that the investments would include the company's share in the LCV JV with Nissan, the construction equipment business (JV with John Deere) and overseas operations (bus facility at Ras-Al-Khaimah).
After the economic slowdown hit the auto market, Ashok Leyland had cut back on the capex announced 2009 to US$436.9 million (Rs 20 billion) from US$698.9 million (Rs 30 billion), for three consecutive years.
Seshasayee said the company will start commercial operations at its Pantnagar facility from 4 March and it will have the capacity to produce 75,000 units at full utilisation.
He added, "The centre of gravity for the company will change from South to North (India) after we open the facility tomorrow. We will further consolidate our North India base when we will transform Alwar bus body making unit into an integrated bus manufacturing plant in the next 3-4 years."
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