Atul Auto, leading manufacturer of three wheelers, intends to invest about INR 200 crore for entering the LCV segment, with products likely to enter the market by December, 2012.
The auto manufacturer, based in Rajkot, has already begun searching for a plot near Ahmedabad. The director of the company, Vijay Kedia, said that they are searching for a 100 acre plot close to Ahmedabad for opening a manufacturing facility for LCVs. They intend to invest about INR 200 crore in the new facility.
He added that this investment is to be generated via debt and internal accrual. The company initially intends manufacturing about 24,000 LCV’s weighing around 600 to 1,000 tonnes per annum. He also added that their four wheeler products can be expected to hit market by next year, in December.