Ultra Motor to invest Rs 140 crore in next three years

Kolkata, Sep 30 (UNI) Ultra Motor Company, a UK-based global electric vehicle company, will invest Rs 140 crore for expansion in the country over the next three years.

'' We have decided to spend Rs 140 crore in three years, largely on marketing and product development, '' Managing Director Ganesh Director Ganesh Mahalingam told reporters here today.

He said the company had set a sales target of 22 million Dollars(about Rs. 88 crore) by 2009 through an expanded network envisaging an increase in the number of dealership to 250 from the present 150.

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