New Delhi: Force Motors on Thursday said it will invest nearly Rs 1,000 crore for developing new products and capacity expansion in the next three years.
The company that currently rolls out light commercial vehicles, utility vehicles, tractors and diesel engines from two plants is also considering setting up of a third plant.
"We will be spending approximately Rs 1,000 crore on new product development and capacity expansion," Force Motors Chairman Abhay Firodia told reporters.
Speaking on the sidelines of the annual convention of Society of Indian Automobile Manufacturers (SIAM), he said: "We are in the process of evaluating opening a third plant. We are looking at locations for this."
Firodia, however, did not specify by how much the company is looking to increase production capacity.
Force Motors' two plants are located at Akurdi in Maharashtra and Pithampur in Madhya Pradesh, which has an annual capacity of about one lakh units.
On new product development programme, Firodia said: "We are very focused on our van segment though we have SUV and trucks but rural utility vehicles and vans remain our main focus. In about a year from now we will launch a new van."
Later this week, the company will launch passenger carrier van, Traveller 26, he said.
The vehicle was showcased at the Auto Expo earlier this year here.