India-based auto maker Mahindra & Mahindra (M&M) is planning to invest about INR5bn ($81.5m) in its trucks and bus manufacturing subsidiary Mahindra Trucks and Buses (MTBL).
The company will use the investments to develop new product lines in the light commercial vehicle (LCV), intermediate commercial vehicle (ICV) and medium commercial vehicle (MCV) range.
The investment is expected to strengthen its current product lineup of trucks and buses by revamping the current LCVs.
M&M automotive and farm equipment sector president Pawan Goenka said the company plans to invest resources over the next few years which will help it strengthen its existing product range and refurbish the current LCV range.
"Exploratory work has also begun for the introduction of new products that will help address the ICV and MCV segments in the 7.5 to 16t gross vehicle weight (GVW) category," Goenka added.
Additionally, the manufacturer plans to demerge the truck and bus operations from MTBL and into M&M, which is subjected to regulatory approvals.
