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

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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)

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