Show Your Love By Sharing
Caparo India of London-based Caparo Group has signed an agreement with Hyundai Motor, Co. of South Korea in 2008 for the manufacturing and sales of 'Hyundai Aerobus' in India. Two years after, Caparo pulls out the proposed JV, as reported exclusively by Business Standard. No announcement has been made yet as of this writing but 'it is widely believed that the Caparo Group is finding it commercially unviable at this point of time due.'
The said joint venture between Caparo and Hyundai could provide employment to 200 people initially, if only the plan had materialized. The vehicles they're about to produce would wear a Caparo-Hyundai badge. Plans for the location of the plant is either at Sriperumbudur or Oragadam in Tamil Nadu or at Nellore, Andhra Pradesh.
The proposed facility was supposed to have an annual capacity of 1,500 luxury buses and commercial production has expected to start by March 2009.
