Ford bets big on India

Press Trust of India
NEW DELHI, Nov. 5: US car maker Ford, which is investing $500 million in its Indian operations, today said the company's expansion plans in the country were on track despite a global slump and economic downturn.
“The current world economy is creating some tough times for car business as a whole. Credit crunch and the lack of confidence among consumers and banks have created short-term impact but our Indian plans are on track,” Ford India president, Mr Michael Boneham told reporters here.
Earlier this year, the company had announced an investment of $500 million in India for a new engine and transmission plant in Chennai and development of a small car to be launched by 2010.
“Ford is confident that we will be a big part here. Our capacity enhancement programme and the small car project will continue as announced earlier,” he said.

Toyota plans
NEW DELHI, Nov. 5: Undeterred by slowdown in car demand, Japanese auto major Toyota today said it would almost double its investment for its second plant at Bangalore to Rs 3,200 crore by pumping an additional Rs 1,553 crore.
“An additional amount of around 33 billion yen (about Rs 1,553 crore) will be invested for both general purpose and specialised equipment necessary for manufacturing a new compact vehicle,” the company said in a statement. n PTI

Source: thestatesman.net