Tata Motors to invest Rs 10,000 cr in 2-3 years

Tata Motors today said it will invest about Rs 10,000 crore in the next 2-3 years on product development, modernisation of its facilities and other capex purposes.

Seeking shareholders' approval through a postal ballot to raise long-term funds, among others, the company said it has plans for expanding product range and increase the presence in the domestic and global markets in both commercial and passenger vehicle segments.

"As a part of its future growth strategy for the domestic and international markets, the company plans to incur about Rs 10,000 crore in the next 2-3 years towards product development, capital expenditure in capacity enhancement, plant renewal and modernisation and other meaningful growth opportunities," it added.

The company plans to raise about Rs 4,700 crore long-term fund through issue of securities in domestic and international markets to fund the company's expansion programmes and reduce debt.

Besides, Tata Motors had announced that the production of its mini-trucks Ace at its Pantnagar facility will be ramped up to 20,000 units a month from 15,000 units at present within the next two months.

Tata Motors will also start rolling out light and medium commercial vehicles from its new plant in South Africa by the end of this fiscal.

JLR, a Tata Motors-owned firm, had announced a decade-long new business strategy last September that would see 800 million pound (over Rs 6,200 crore) investment going for developing eco-friendly products. The British marquees had said it would add 1,000 new jobs at Land Rover's Halewood facility to produce its upcoming sports utility vehicle -- Range Rover Evoque, which will hit the markets in 2011.

Last month, the England-based luxe carmaker had announced to launch a limited edition of the Range Rover, featuring special design elements. It will produce just 700 units of the new SUV-- Autobiography Black 40th Anniversary Limited Edition.

Land Rover had also said it would launch two advanced diesel versions of the Range Rover in England by this September. Besides, it had said its first diesel hybrid SUV would hit the roads by 2013, for which testing of the prototype named 'range_e' would start this year-end.