Force Motors to invest Rs 1,000 cr in 3 yrs
Bangalore: Force Motors plans to invest Rs 1,000 crore in the next 2-3 years for the launch of new models as well as ramping up production, a top company official said on Monday.
"We plan to invest Rs 1,000 crore in the next two-three years," Force Motors Chief Operating Officer and President (sales and marketing) Naresh Kumar Rattan told reporters here after the the launch of company's mid-size bus, the 26-seater Traveller.
The company has two plants at present -- at Akurdi in Pune and Pithampur -- with a combined capacity to produce 66,000 vehicles annually.
Company officials said a new plant would come up at Pithampur in the coming financial year, taking the overall capacity to 80,000 vehicles.
Rattan said the company would also launch a new van (a multi-purpose vehicle) in the next fiscal.
The firm said the Traveller 26 monocoque panel van is 15 percent more fuel efficient than comparable models and it would initially be priced at Rs 11,07,673 (ex-showroom).
Rattan said the company's turnover is expected to go up to Rs 2,750 crore in the current fiscal from Rs 2,085 crore in the last financial year.
"We are scaling up the volumes to reach a turnover of Rs 10,000 crore in five years," he added.
Force Motors' range includes small commercial vehicles, multi-utility and cross-country vehicles, light commercial vehicles and agricultural tractors.
It recently entered into personal vehicles arena with the launch of sports utility vehicle, the Force One.
The company has set up a dedicated facility for Daimler for assembling and testing engines for Mercedes passenger cars made in India. Till date, it has supplied over 28,000 engines.