Hind Motors plans to invest 750 mln rupees in plant

MUMBAI (Reuters) - India's oldest car maker, Hindustan Motors Ltd, plans to invest 750 million over two years at its Uttarpara plant in West Bengal to boost its components business, a top official said on Monday.

The bulk of the investment will go towards upgrading technology and modernising the component manufacturing facilties at the plant, Managing Director R Santhanam, told shareholders at the company's annual general meeting.

The investment will be financed from the proceeds of the land development at the same plant.

The company also plans to launch premium range SUVs both new models and higher versions of current ones from the Mitsubishi stable in six months, Santhanam said.

Hindustan Motors shares ended up 2.7 percent at 24.80 rupees, in a strong Mumbai market.