PTI

New Delhi:, Apr 30 (PTI) Hinduja flagship comany Ashok Leyland today said it will invest Rs 3,000 crore on its new plant, coming up in Uttarakhand and on capacity expansion of its existing unit at Ennore.

A part of the planned investment will also be on engine development. The company is developing six cylinder and four cylinder engines with Austrian firm AVL complying with the Euro IV norms.

“The company will be investing Rs3,000 crore on the new vehicle plant coming up in Uttarakhand, which will be capable of rolling out 50,000 vehicles and expansion of manufacturing facility at Ennore and the new engine development project,” Ashok Leyland Chief Financial Officer K Sridharan told reporters on the sidelines of CFO Asia Summit .

He said Rs1,000-1,500 crore would be raised through internal accruals, while close to Rs800 crore would be raised from outside, possibly from overseas market.

“The company had also raised $200 million through external commercial borrowings of which $20 million have already been drawn while remaining amount is yet to be drawn from the market,” Sridharan added.