Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Indian vehicle manufacturer Bajaj Auto has signed a memorandum of understanding (MoU) to invest Rs6,500mn ($88.15mn) in Maharashtra to set up a production plant at Chakan, the company said in a statement. Vehicle production at the proposed facility is expected to commence in 2023.

 

As per the agreement, the Maharashtra Government will facilitate Bajaj Auto in obtaining necessary permissions, registrations, approvals, clearances and incentives from the concerned departments as per the existing policies and regulations.

 

The plant will manufacture the company’s high-end KTM, Husqvarna, and Triumph motorcycles as well as electric vehicles,  beginning with Chetak. The company had introduced the Husqvarna brand in India in February this year and in January, it announced the formal commencement of the partnership with British motorcycle maker Triumph to manufacture a range of mid-capacity bikes in the country.

 

($1 = Rs73.73)

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