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Old 11-28-2006, 11:02 AM   #1
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Default VW to invest $530 million to build its first car plant in India

VW to invest $530 million to build its first car plant in India


NEW DELHI -- Europe's largest car manufacturer, Volkswagen AG, plans to invest $530 million to build its first plant in India, the German Embassy said Tuesday.

The factory will be built near the city of Pune in the western state of Maharashtra, the embassy said in a statement. An agreement between Volkswagen and the government of Maharashtra state will be signed Wednesday, it said.

On Nov. 17, Volkswagen's supervisory board approved the company's plans to build the car assembly plant in India, a lucrative market where automobile sales are growing 25 percent annually on the back of a booming economy.

The plant will employ around 2,500 staff and is due to start production of a compact vehicle in the second half of 2009.

Volkswagen-owned Czech carmaker Skoda Auto AS already has a plant in Maharashtra. That factory assembles the Octavia, Laura and Superb sedans.
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