Force Motors To Invest 1,000 Crores In Two Years
Pune based commercial and passenger vehicle manufacturer Force Motors has announced that it will invest Rs.1,000 crores in the next two years. The company which is set to launch two new models this year is also planning to build a new manufacturing plant.
Dr Abhay Firodia, Chairman, Force Group said the required finds for the investment will be raised through internal sources, loan and a possible rights issue. Force Motors is in talks with the government of Madhya Pradesh to set up a manufacturing plant to build MPVs. The company has a manufacturing plant in Pithampur.
Force Motors had earlier released a teaser image of the Force One SUV and had said it would launch the new SUV in a month's time. The Force One will be the company's first passenger car. Force was concentrating on building commercial vehicles and large MPVs before deciding to enter the passenger segment with the Force One.
Dr Abhay Firodia has categorically stated that Force Motors will only build SUVs and MPVs and will not build sedans and hatchbacks. Speaking about the new MPV under development, Dr Firodia said the MPV will be similar to the Toyota Innova and the Renault Espace.
Force Motors also manufactures tractors and is planning to build five new models. Dr Firodia said some part of the Rs.1,000 crore investment will be used to develop new tractor models and increase the manufacturing capacity of tractors from 4,000 units to 24,000 units per year.
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