Italian automaker Piaggio would launch four vehicles, including a four-wheeler, in India by 2004 and source auto components worth 120 million euro, a top company official said on Friday.
The company would also invest Rs 100 crore (Rs 1 billion) at its Baramati (Maharashtra) plant to scale up production from 100,000 units, its CEO Rocco Sabelli said in New Delhi.
"We have firmed up plans to roll out three large range of three-wheelers and one four-wheeler (quadricycle) upto one tonne capacity. We have also earmarked Rs 100 crore investment for the introduction of vehicles," Ravi Chopra, managing director of the company's Indian arm, said.
The auto components to be sourced from India will be used for the company's upcoming four-wheeler in Europe. The same quadricycle will drive to India by the end of 2004.
The quadricycle would have at least 50 per cent Indian contents, Chopra said.
Piaggio, which acquired land on the outskirts of Delhi, soon after its exit from the Singhanias-controlled LML joint venture to re-enter the Indian two-wheeler market on its own, may use the property to either assembling or manufacturing the existing range of vehicles.