Piaggio Vehicles, Indian arm of the Italian Automobile giant, Piaggio, would set up a diesel engine manufacturing plant near Pune, its chairman Ravi Chopra informed on Thursday. It also planned to invest 65 million euros in the next two or three years, which included investment in the diesel plant, he told reporters on the sidelines of a launch function in Chennai.
The company, set up in 1999, had made steady progress over the years and had produced 1.4 lakh two and three-wheelers in 2006. The company planned to continue its 40 per cent growth in the coming years also, he said.
The company today launched its first four wheeler-a light commercial sub one tonne four-wheeler-ape truk-which would cost Rs.2.15 lakh ex-show room at Chennai.
He said his company chose to concentrate on the South Indian market for the vehicle as the market for the light vehicle trucks was heavy in Tamil Nadu and Kerala.
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