Leading automobile company Tata Motors on Friday said it has become the first Indian company producing 1 lakh (100,000) commercial vehicles in a financial year.
Tata Motors said it may invest about Rs 600 crore (Rs 6 billion) to develop Futuristic Infantry Combat Vehicles (FICV) and set up a manufacturing plant for rolling out FICVs for the Indian Army.
Ravi Kant, who joined the company in July 2000 as executive director (commercial vehicle business unit), was appointed as managing director on July 29, 2005.
Tata Motors is India's largest automobile company, with consolidated revenues of Rs 1,65,654 crore (Rs 1.65 trillion)
Companies expect recovery in second half of fiscal as BS VI approaches, claim banks and NBFCs showing greater interest in financing.
The country's top automaker in terms of revenue plans to launch a total of 50 products in the CV segment during 2018-19.
Combined sales at top four manufacturers - Tata Motors, Ashok Leyland, Volvo Eicher Commercial Vehicles, and Mahindra and Mahindra - dropped 20 per cent to 20,324 units in November