Tata's Jaguar Land Rover to invest $167 mn in Saudi plant
Tata Motors-owned luxury car maker Jaguar Land Rover is likely to invest 100 million pounds ($167.4 million) in a new plant in the Gulf kingdom of Saudi Arabia.
The company is likely to produce 100,000 cars a year from the proposed facility in Saudi Arabia to meet the booming demand in the Middle East, The Sunday Times reported.
Addressing an India-Saudi Arabia Business Forum meeting here recently, Saudi Arabia Commerce and Industry Minister Tawfig Fawzan Alrabiah had said the plant would be located in eastern province of kingdom.
This will be Jaguar Land Rover's third big overseas expansion after China and Brazil.
The Saudi unit is expected to employ 4,000-5,000 staff.
The Saudi government is also likely to invest in the new plant with a view to developing the automobile industry in the country.
"The Saudi government is also expected to invest in the plant as it seeks to develop its motor industry. The company is likely to begin by assembling cars from components made in Britain, and progress to taking more parts from Saudi companies," the London-based paper reported.
(Posted on 02-03-2014)