Ford Motor Co. on Thursday stated that it will invest $1 billion to start production of four-wheelers at the new facility in 2014 for manufacturing engines and vehicles at Sanand in the state of Gujarath, India.
The Ford’s plant will have the capacity to produce 240,000 cars and 270,000 engines annually when it is expected to complete in 2014. The manufacturing plant will start producing cars for the purpose to deliver for domestic consumers and as well as for export motive. The Ford Motors unit is being set up with an initial investment of $1 billion. And the company is setting up the new plant in vast 460 acres.
Michael Boneham, president and managing director of Ford India, says that the plant will supply the cars for domestic requirements and will think of exporting when the right time comes.
“In the first phase of production, Ford is more focused on domestic market and later will target the overseas market considering the responses and results,” says Boneham after laying the foundation stone to mark inauguration of construction work. Adding, “We are committed to significantly increasing our manufacturing output and aggressively expanding our business in India,” states Michael.
Providing the necessary essential facilities, the Gujarat government has allotted another 150 acres to Ford India for suppliers.
The Ford plant, at Sanand in Gujarath, when completed will generate about 5,000 direct jobs. Analysts believe that India's growth will bounce back as the economy grows and interest rates reduced considerably. Ford Motor has plans to launch eight new vehicles in India by the middle of the decade.
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