Chennai, Jan 20: Ford India, the Indian subsidiary of the US-based Ford Motor Company, would invest Rs.750 crore at its plant near here to roll out the new compact sports utility vehicle EcoSport this year.
Ford India’s President and Managing Director Michael Boneham, during a meeting with Chief Minister J. Jayalalithaa Friday, informed her about the company’s decision, said a statement issued by the Tamil Nadu government.
The fresh investment would create additional employment opportunities for about 400 people and the total investment by Ford India in Tamil Nadu after the AIADMK government came to power in the state had gone up to Rs.1,130 crore, the statement said.
Ford India set up its factory at Maraimalai Nagar near here in 1995 when Jayalalithaa was chief minister who had then offered the car maker attractive tax incentives.
The company has so far invested around Rs.4,500 crore in the assembly and engine plants and rolls out models like Figo, Fiesta Classic and Endeavour.
Last year, Ford India had decided to invest Rs.4,000 crore in Gujarat to set up its second plant in India.