Automotive lighting company Lumax Industries will set up a greenfield plant for Toyota’s small car – code named 800 L – near Bangalore, according to a local media report.
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The Economic Times of India reported that this fiscal year it will also set up plants at Singur for Tata Motors’ Nano, at Pantnagar for Bajaj Auto, Mahindra & Mahindra and Tata Motors and next fiscal at Haridwar and also in Uttarakhand for the Hero Honda plant.
The Bangalore plant will be ready by 2010-11, when Toyota rolls out the small car.
Lumax Industries’ executive director Deepak Jain accepted that a slowdown in the automotive market, inflation and volatility in commodity markets has caused them to scale back investments by 20%. However, the three plants slated to come up this fiscal are part of the investment pipeline. “We have cut down on our investment by 20%. So, where we were planning a Rs 250 crore investment, this has now been reduced to Rs 200 crore for this fiscal,” he told the newspaper.
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By GlobalData
