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India's second-ranked motorbike maker, Bajaj Auto Ltd, plans to invest $245 million in a new plant in Uttarakhand, media reports said on Thursday, quoting sources.
Bajaj, which said at the weekend it is in initial talks with France's Renault for a range of vehicles - has submitted a proposal to the state government for a plant to make three-wheelers and four-wheeler vehicles, media said, citing unidentified sources.
Bajaj officials were not immediately available for comment. In April, Bajaj inaugurated a plant in Uttarakhand, which offers tax incentives to manufacturers, with an initial capacity of 1 million units that can be expanded to 3 million units.
Softer demand for vehicles on the back of firm interest rates has led top motorbike maker Hero Honda Motors Ltd to postpone the opening of its new Uttarakhand plant to the 2008/09 fiscal year that starts next April.
Bajaj, which has more than a third of India's motorbike market, has said it is studying the feasibility of making a small car and will launch a small four-wheel cargo carrier by the end of 2008/09.
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