Ford India will soon invest more than Rs. 750 Crore in its Chennai plant to build the recently unveiled EcoSport compact SUV. The new car based on Ford's global car platform will be built in India this year. The EcoSport will be the first compact SUV from Ford.
Ford India chief Michael Boneham met Tamil Nadu chief minister J Jayalalithaa on Friday and informed her about the company's plans. In a statement to the media, the Tamil Nadu government has stated that this fresh investment by Ford will take the total amount of investment made by Ford in India will reach Rs1,130 crore after the AIADMK came in to power.
This investment will also create 400 new jobs in Ford's Chennai plant. The EcoSport will join the Figo, Fiesta Classic and the Endeavour in the list of cars being built in Chennai. It is expected to give Ford a big boost considering the increasing demand for compact SUVs in India.
Ford has already invested more than Rs.4500 crore in Chennai. It has also announced an additional investment of Rs.4000 crores in its second plant in Gujarat. Carmakers are slowly increasing their investment in India hoping the growing car market in the country will offer a cushion to the slowing sales in Europe and America.