MG Motor to set up second manufacturing plant

MG Motor to set up second manufacturing plantMG Motor India plans to invest around Rs 4,000 crore on a second manufacturing unit, for which it is in talks with several state governments, including Gujarat.

The company, which is expanding the annual production capacity of its current plant at Halol in Gujarat to 1.25 lakh units by 2023, is looking to add another 1.75 lakh units capacity from the second plant and take its overall capacity to 3 lakh units a year in the next two years.

The company is considering several routes for funding the project cost, including the ECB (External Commercial Borrowing) and FDI (Foreign Direct Investment).

Last year, MG Motor India had announced an investment of Rs 2,500 crore to increase production capacity at its Halol plant. The Halol plant itself, the company revamped and invested more to increase the capacity from 70,000 per year to 1.25 lakh per year from next year.

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