Daimler India Commercial Vehicles (DICV) will invest Rs 2,277 crore to expand commercial vehicle production at its Oragadam plant near Chennai in Tamil Nadu.
The company has signed a memorandum of understanding (MoU) with the Tamil Nadu government to expand its commercial vehicle production. The fresh investment will generate around 400 jobs.
This is the second MoU that DICV has signed with the government of Tamil Nadu. DICV has already invested Rs 5,500 crore on its Oragadam plant.
The company also exports to around 50 countries, and has already exported more than 30,000 vehicles and 1.25 crore parts.