JLR hikes engine plant investment to 500m pounds
Mar 05 2013 , New Delhi
Reiterating its commitment of an investment of 2.75 billion pounds (about Rs 23,000 crore) during 2013-14 financial year on development of new vehicles, the company said it will launch eight new or refreshed products this year.
"Jaguar Land Rover will reinforce its commitment to manufacturing in the UK by increasing the investment in its new engine manufacturing centre to more than 500 million pound," JLR said in a statement.
In 2011, the company had announced to invest 355 million pound for setting up the engine plant.
"This will almost double the number of highly skilled engineering and manufacturing jobs at the plant, taking the total number of people who will be employed at the site to almost 1,400," the statement said.
The new engine plant will be opened later this year with the first engine coming off the production line in 2015.
Commenting on the development, JLR Chief Executive Officer Ralf Speth said: "Jaguar Land Rover's new engine manufacturing centre in the UK is a clear demonstration of our business strategy guiding our investment plans. Not only does it bring our engine supply back to our production doorstep, but it gives us significant new resource as we continue to innovate with new products and markets."
As per plans, the upcoming facility will support the company's long-term growth strategies and will be the home for a new generation of advanced, lightweight 4-cylinder low emission diesel and petrol engines.
The new family of engines is currently being developed at JLR's advanced research and development facility that will strengthen and expand the company's engine range supporting future product development plans.
Talking about its capex plans for this year, the company said: "JLR will invest 2.75 billion pound in product development, which will support the launch of eight new innovative products to help achieve its business growth strategy."
The new range will include the Jaguar F-TYPE and the introduction of the world's first nine-speed gearbox in its Land Rover product line-up, it added.
Commenting on the investment plans, Speth said: "Since 2008, we have invested in our business and will continue to do so in order to support our strategy for measured, sustainable growth over the next five years."
Earlier, the company had said the total investment for 2012-13 was estimated to be in the region of 2 billion pound.
JLR currently employs around 25,000 people globally and has hired nearly 9,000 people in the last two years.