VW to invest in India

VW to invest in India

BOMBAY (AFP): German automaker Volkswagen plans to invest more than US$100 million in a joint venture car factory in India, The Economic Times reported here Saturday.

A Volkswagen official was quoted as saying that the company was likely to join forces with an Indian firm to set up the factory, expected to be built in the southern city of Bangalore.

Two Indian companies have been shortlisted for the joint venture, it said.

"If things go well we hope to start production within a year," the official was quoted as saying. "Our plans are to produce 50,000 cars a year, both in our upper segment Audi range and the medium Skoda range.