Mumbai, July 11: General Motors Corporation will invest Rs 600 crore in its Indian subsidiary during the current fiscal even as the former has wiped out accumulated losses incurred in the operation. The parent had received FIPB clearance to invest up to Rs 1,380 crore in General Motors India of which the balance of Rs 600 crore would be invested in this fiscal, GM India president and managing director Aditya Vij said at the launch of "Chevrolet Optra".
The investment would be used for new products and development purposes.
Referring to the accumulated losses, Vij said GM Corporation has wiped out these losses in the Indian operations.
On the introduction of the new car, he said the company expects sales of 1,000 units per month after the ramp up in production.
The car has been priced at Rs 8.24 lakh (ex-showroom Mumbai) and Rs 7.85 lakh (ex-showroom Thane), he added.
Bureau Report