Skoda Auto Volkswagen India is set to invest approximately Rs 10,000 crore to boost its local operations after it received the go-ahead from its parent firm, a report by The Economic Times said on June 19.
The second-largest automaker in the world will put more focus on the rapidly-growing luxury utility vehicle segment under its India 3.0 plans, including sports utility vehicle and electric vehicles, the report said.
The new funds will be invested in the country despite the automaker witnessing weak sales of its current line up of models, the paper said.
Under the new plans, the company will invest the funds over a period of five years and initiate the assembly of Porsche models in India, the newspaper said.
In December, it was reported that the carmaker was is in discussions with a potential partner regarding possible collaboration in India, refuting speculation that it has halted the process of finding a local collaborator after the investigation over alleged customs duty fraud.
With agency inputs
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