Honda to Invest $460 Million on 120,000 Cars-Per-Year Plant in India
April 2, 2013 7:33 PM EST
Honda Motor Co (7267.T) will spend 25 billion rupees on a 120,000 cars-per-year plant in India, a senior executive said, as the Japanese carmaker looks to ramp up its activity in the country after splitting from its former partner.
Honda will roll out its first car from the plant in Rajasthan next year, Yoshiyuki Matsumoto, Honda managing officer, told reporters on Tuesday.
The investment will allow the plant, which currently builds car parts, to produce full vehicles. Honda will also introduce diesel models across its entire range in India, the company said.
Honda's car sales in India have grown by around 45 percent this financial year, bucking negative growth in the wider industry, thanks to its small Jazz and Brio models.
The Japanese carmaker ended a 16-year joint venture in India in August after buying out its former partner, which had disagreed with Honda over a ramping up of investment in the business that saw the Rajasthan factory delayed.
Join the Conversation
- Travel Alert: New Delta Air Lines Airbuses Could Be Seen In Australia Soon
- Travel Alert: Frequent Flyer Tie-Up Between Virgin Australia, South African Airways Enhanced
- Walmart Canada Feeling The Heat As Grocery War Intensifies
- Amazon Black Friday 2014 Deals Start On Nov. 21, 2014 Including Limited-Time Lightning Deals And Deals Of The Day On Clothes, Toys, Jewelry, Watches, Bags, Accessories And Electronics
- Walmart Pre-Black Friday 2014 Sale On Nov. 21, 2014 Includes Discounts On The 'NBA 2K15' For PS4 And The 'Skylanders Trap Team’ Starter Kit [WATCH VIDEO]
- Apple and Google Engage in Thermonuclear War, New Google Translate Chat App in the Works
- Russia's New Tactical Nuclear Weapons Program Growing Confident Against the US: Talks of World War III
- More Nexus 6 Problems Arise with Android 5.0 Lollipop, Poor Benchmark Results and Other Issues
- HTC One M8 Android 5.0 Lollipop Release Delayed: Other Schedule and Installation Guide