Jaguar Land Rover (JLR), a company owned by Tata Motors, is planning to set up a manufacturing plant in Brazil.

The company has inked a pact with Rio de Janeiro to develop a proposed project with an investment of $750 million (approx Rs 4,626 crore). The unit will have a capacity to produce 24,000 vehicles annually. The facility will be based in the city of Itatiaia.

Jaguar Land Rover is expected to commence construction work on the project in June 2014, with the first vehicle rolling off the assembly line in 2016.

The plant is the company's second project overseas. Last year, the company entered the Chinese market with a joint venture with Chery Automobile company and the manufacturing plant is already under construction in Changshu, China.

Further, in India, the company has already conducted feasibility studies to set up a new plant. Meanwhile, it is also in talks with the Saudi Arabian government to set up a plant in that country.

In addition to this, Jaguar Land Rover plans to invest £2.75 billion (approx Rs 27,794.25 crore) in its products and facilities in the FY-2014.