Commercial vehicle manufacturer SML Isuzu will invest Rs 220 crore in the next three years for product improvement and up-gradation of technology and plant infrastructure.
The board of directors today approved "capex Plan of Rs 220 crores to be spent over the next three years towards product improvement/variants and up-gradation of technology & plant infrastructure", the company said.
In a filing to the BSE, it said the board also approved appointment of Kei Katayama as Additional Director & Whole- time Director designated as Director- R&D for three years from August 8 in place of Yuji Kosaka, who resigned with effect from June 18, 2014.
The company also informed that its net profit increased over 2-fold to Rs 23.42 crore during the first quarter ended June 30, 2014-15.
It had reported net profit of Rs 10.21 crore for the April-June quarter of last fiscal.
Net sales of SML Isuzu during the April-June quarter increased 19.03 per cent to Rs 336.46 crore as against Rs 282.66 crore in the year-ago period.
