New DELHI 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)
Trending On Reuters
InterGlobe Aviation Ltd, which owns the country's biggest airline IndiGo, on Tuesday filed a draft prospectus for an initial public offering (IPO) to list on the domestic stock market and cash in on a booming air travel market. Full Article
India's infrastructure output rebounds in May, posts fastest growth in 6 months. Full Article