Published On:May 29 2020
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DICV to invest Rs. 2,277 cr to expand commercial vehicle production at Oragadam plant.

DICV to invest Rs. 2,277 cr to expand commercial vehicle production at Oragadam plant.

Daimler India Commercial Vehicles (DICV) recently said it will invest Rs. 2,277 crore to expand commercial vehicle production at its Oragadam plant near Chennai.

The company has signed a memorandum of understanding (MoU) with the Tamil Nadu government, covering Rs. 2,277 crore of investments designed to expand its commercial vehicle production, DICV said in a statement.

The fresh investment would generate around 400 jobs, it added.

"This is the second MoU that DICV has signed with the Government of Tamil Nadu. It demonstrates our unshakeable confidence in the long-term potential of India as a market for commercial vehicles, and our ongoing commitment to the country as a whole," DICV MD and CEO Satyakam Arya said.

DICV has already invested Rs. 5,500 crore on its Oragadam plant.

Since launching its made-for-India CV brand BharatBenz in 2012, DICV has sold well over 1 lakh trucks and buses in India and abroad.

The company also exports to around 50 countries, and has already exported more than 30,000 vehicles and 1.25 crore parts.

ET





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