GM India to invest $300 mn in next 2 years

GM India to invest $300 mn in next 2 years

Kolkata: Car maker GM India has drawn up plans to invest $300 mn in the next two years, said a company official.

“We are investing $300 mn in the next two years for launching six new products," vice-president (marketing), GM India, P Balendran told PTI.

Balendran said the industry arithmetic was that a new car platform typically required an investment of $50 million.

The new products, he said, would comprise a compact car, a sedan, multi-utility vehicles, van and pick-ups. He said that the company had tied up with a consortium of banks for funding the required investment.

Besides, he said that GM India was expecting a growth of more than 70% during the current calendar year.

“This year, we are expecting to sell more that one lakh units," he said. In 2009, the company had sold 69,000 units.

Balendran said that the company was making operational profits, but was yet to clock net profit.