New Delhi, Mar 31: Country's second largest car maker, Tata Motors today said it will invest about Rs 6,000 crores over four to five years period in its existing plants and set up vehicle testing facilities in Pune District.
The company today signed a Memorandum of Understanding (MoU) with Government of Maharashtra to facilitate the proposed investment, said a statement. The investments will generate direct employment of an additional 1,500 people at full capacity. The MoU was signed by Principal Secretary, Department of Industries, Government of Maharashtra (GoM) V K. Jairath, and Tata Motors Managing Director Ravi Kant.
Commenting on the MoU, Tata Sons and Tata Motors Chairman Ratan N Tata said, ''This MoU with the Government of Maharashtra is a step towards realising Tata Motors' plans to augment capacity at Pune plants to meet ever increasing customer expectations and demands both in India and abroad.'' It also facilitates setting up of vehicle testing facilities in Pune, he added.
Speaking on the occasion, the Chief Minister of Maharashtra Vilasrao Deshmukh said, ''the Tata Motors' plants in Pune have contributed significantly to the development of the region in and around Pune. I am happy that Tata Motors will bring in fresh investment in its existing plants and also invest in vehicle testing facilities, both of which will lead to additional employment opportunities.'' Last week, the company acquired the Jaguar and Land Rover brands for 2.3 billion dollars and is looking to transform and augment its production capabilities for the launch of Nano in the markets.