General Motors India on Monday unveiled Sports Utility Vehicle Chevrolet Forester and said it would invest Rs 1600 crore (Rs 16 billion) in the next two years to upgrade its facility here.
Chevrolet Forester would be priced at Rs 1.55 million (ex-showroom, Delhi) and brought in as completely-built-unit from Fuji Heavy Industries of Japan, GMI president and managing director Aditya Vij told reporters in New Delhi.
The company would be investing Rs 1600 crore (Rs 16 billion) for technology upgradation at its plant and to hire more people, he said.
Chevrolet Forester has been designed and built by Fuji Heavy Industries which markets its products under Subaru brand-name.
The new SUV would be available in select dealerships from March 10 while the number of dealerships would be increased soon, he said.
Asked whether the company would bring in 'Forester' as completely-knocked-down kits, Vij said "once we have some critical volume, we will look at investing in the local plant".
GMI would also roll out two more cars this year, he said adding that "we aim to sell over 16,000 units during 2003 which will go up to 50,000 units by 2005". The company sold 8,000 units during 2002.
Vij said vehicles introduced under the Opel brand-name would cater to the premium segment while the Chevrolet would focus on mainstream products.