MLR to invest Rs 100cr by June

Andhra Pradesh chief minister YS Rajasekhara Reddy unveiled the foundation stone plaque of MLR Motors Private Limited's motor car plant in Hyderabad on Monday.

Speaking on the plans and priorities of the company, MLR Motors chairman BVR Subbu said, "German engineering, Italian design and the Indian cost structure would make a good car, runs a maxim in the automotive industry. We will ensure that we stick to this and roll out a world-class car out of this plant. We will also substantially increase production of three-wheelers at our Balanagar plant in the next couple of months."

According to him, the company would invest Rs 100 crore in the plant by June this year.

"In the first phase, the total investment will be Rs 1,250 crore, which would be raised to Rs 5,000 crore in the second phase. We plan to start the construction work on the project by July," he added.