Volkswagen plans $250 million investment in India

New DELHI Tue Jul 15, 2014 1:32pm IST

The logo of German carmaker Volkswagen is seen at a VW dealership in Hamburg, October 28, 2013.  REUTERS/Fabian Bimmer/Files

The logo of German carmaker Volkswagen is seen at a VW dealership in Hamburg, October 28, 2013.

Credit: Reuters/Fabian Bimmer/Files

Related Topics

Stocks

   

New DELHI (Reuters) - German carmaker Volkswagen AG(VOWG_p.DE) plans to spend 15 billion rupees ($250 million) in India over the next five to six years, a senior company executive told reporters on Tuesday.

Mahesh Kodumudi, president and managing director of Volkswagen India Pvt. Ltd., also said the company could increase its India plant capacity to 200,000 cars a year from 130,000.

Volkswagen is evaluating manufacturing engines in India, Kodumudi said.

The company on Tuesday launched a revamped model of its Polo hatchback. Volkswagen's market share in India fell to 2.1 percent for the fiscal year ended March 31 from 2.46 percent a year ago, according to data from an industry body.

(Reporting by Aditi Shah; Editing by Miral Fahmy)

FILED UNDER:

Economic Pulse

REUTERS SHOWCASE

Gold Imports

Gold Imports

India eases gold import rule in surprise move.  Article 

Indians in Iraq

Indians in Iraq

India says no contact with 39 men held by Islamic State in Iraq.  Full Article 

Sahara Issue

Sahara Issue

Sahara looks to raise $650 million loan to fund bail.  Full Article 

Bhopal Tragedy

Bhopal Tragedy

Bhopal's toxic legacy lives on, 30 years after industrial disaster.  Full Article 

Banking Sector

Banking Sector

After record deal, more India bank takeovers on cards  Full Article 

Islamic Fund

Islamic Fund

India gets new Islamic equity fund but debt market still off-limits  Full Article 

Cricket Tragedy

Cricket Tragedy

Clarke breaks down giving heartfelt Hughes tribute  Full Article 

Nigeria Violence

Nigeria Violence

Bombs, gunfire kill 81 at crowded mosque in Nigeria's Kano  Full Article 

Movie Review

Movie Review

D’Silva's “Ungli” just skims the surface  Full Article | Related Story 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage