Tata Motors on Monday said it would spend over Rs 6,000 crore (Rs 60 billion) in its different plant locations in the next five years for development of its products and assets.
"The capital expenditure will be made for the development of cars and commercial vehicles segments," Tata Motors managing director Ravi Kant told reporters without elaborating.
Kant was speaking after the inauguration of the new factory (6,000 unit per year capacity) for manufacturing the next generation heavy commercial vehicle -- Tata Novus to be rolled out shortly.
Tata Novus, comprising the tipper, dumpers and tractor models, is a collaborative effort by the engineers of Tata Motors and its wholly owned subsidiary Tata Daewoo Commercial vehicles (South Korea).
Tata Motors, he said wants to be a dominant player in the heavy commercial vehicle segment and the vehicles would be targetted for the construction and mining sectors.
"Once rolled out, we want to sell in thousands. The sales will depend on the development of the road sector in the country," he said when asked about the sales target adopted by the company.
Tata Motors has already localised most of the components and more localisation is in progress, he said.
He said the commercial vehicles market would grow by 8-9 per cent and is dependent on the growth of the road sector in the country.
Tata Daewoo Commercial Vehicles research and development executive K K Kim said the Novus manufactured in the Korean plant has already been exported to Europe, New Zealand, Middle East and South Africa and the company is looking at export opportunities in Japan, China and Pakistan.
To a query on the performance of Tata Ace, he said the product had been launched in five states and 3,000 vehicles were being sold every month resulting in an annual sales of 36000 units every year.
Earlier, the plant was inaugurated Jharkhand Chief Minister Arjun Munda.
Munda said the Jharkhand government would set up a free economic zone for development of the auto component sector.
"The state will also give special emphasis to development of infrastructure which is required for growth of industrialisation," he added.
The chief minister also promised of tax sops for higher vehicle sales.
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