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DICV announces its plans to invest USD 303m in Chennai plant

Vehicles |Truck

Daimler India Commercial Vehicles signs a $303M MoU with Tamil Nadu to expand commercial vehicle production in Oragadam, creating 400 jobs. Detailed investment plans will follow, with execution expected in 2021.

1758 views | Date: May 22, 2020

DICV announces its plans to invest USD 303m in Chennai plant

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Chennai – Daimler India Commercial Vehicles Pvt Ltd (DICV) of Oragadam, near Chennai, a subsidiary of Germany’s Daimler AG, has signed a Memorandum of Understanding with the Government of Tamil Nadu, covering USD 303m of new investment to expand production of commercial vehicles at its plant in Oragadam in Chennai. The production expansion details are not revealed and it is expected that it will increase 400 employees.

The investment plans are in initial stage of grant of some space allotment with the government, more detailed plan to follow up and real investment and expansion happens in 2021.

Mr. Satyakam Arya, MD and CEO of Daimler India Commercial Vehicles Ltd., said, “This is the second MoU that DICV has signed with the government of Tamil Nadu. It demonstrates our unshakeable confidence in the long-term potential of India as a market for commercial vehicles and our ongoing commitment to the country as a whole.”