Foton to Spend $300 Million Building Factory in India
www.chinatrucks.com: Memorandum has been signed between Foton and the India local government in Dec. 2012 to invest $ 300 million in the construction of commercial vehicle factory in India within the following 5 years.
Sugato Sen, vice-chairman of Society of Indian Automobile Manufacturers (SIAM), revealed that Foton was to build a commercial vehicle factory in India. The move represented the huge business opportunity in the Indian market for Chinese manufactures.
The memorandum of understanding has been signed between Foton and Maharashtra government. A factory with 16.7 billion INR investments will be built within the next 5 years to manufacture heavy-duty trucks and passenger vehicles.
Besides Foton, Great Wall Auto also has the plan to enter the Indian market. The two Chinese manufacturers are on their way to independent expansion, which means doing business through wholly-owned subsidiaries.
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