Nissan to source components worth $40 mn from Indi

Japanese auto maker Nissan on Wednesday said it will source auto components worth $40 million (around Rs 185 crore) from India by 2012.

"There is a plan for us to utilise our Chennai facility for supplying components to Nissan's global operations such as in Thailand, China and Japan. By 2012, we are looking at sourcing components worth about $40 million from India," Nissan Motor India managing director and CEO Kiminobu Tokuyama told PTI.

He said this year the company is looking to source components worth $20 million from India, which will go up to $30 million by 2011.

Nissan is also on track to start the commercial production of its global compact car from the Chennai plant, where Rs 4,500 crore (Rs 45 billion) has been invested jointly with Renault.

"The compact car will be based on V-platform and we expect three models from that platform," Tokuyama said, adding that while the first one would be a hatchback, the second model would be a sedan and the third option is being evaluated currently.

The first car that is made on this global compact car platform in Chennai will have its global premiere at the Geneva Motor Show 2010.

In India the compact car from Nissan will compete with the likes of Maruti Swift and Hyundai i20.