Ford to pump Rs 750 crore in Chennai plant to build Eco Sport
Panel of experts on RIL's Q3 results and announced a buy back of shares at Rs 870 per share.
US-based carmaker Ford today said it would make fresh investments of Rs 750 crore in its manufacturing facility for the latest SUV 'Eco Sport', taking the total investment figures to Rs 5,630 crore.
The company's Managing Director Michael Boneham, who called on Chief Minister Jayalalithaa, said Ford has decided to make further investment of Rs 750 crore in its plant.
Ford Motor India has so far invested Rs 4,500 crore at the Maraimalai Nagar plant. It produces four models, including Figo, Fiesta Classic, Global Fiesta and Endeavour. In 2011, Ford announced an investment of Rs 380 crore to set up their engine manufacturing facility.
Ford showcased the SUV at the recently held Auto Expo in New Delhi. The facility employs 5,000 people and the fresh investments would create another 400 jobs, Boneham said.
The 'Ecosport' will be the second made-in-India product for Ford, after its highly successful hatchback 'Figo'. Ford plans to introduce eight products by mid-decade in India.
Thanking Jayalalithaa for the support as Ford India had set up the Chennai plant when AIADMK was in power in 1995, Boneham informed the Chief Minister that many more US firms are looking at Tamil Nadu for investment opportunities.
Jayalalithaa thanked him for reposing confidence in her government and assured him of continued support. Besides the Chennai plant, Ford operates Global Business Centres in Chennai and Coimbatore employing more than 5,000 people.