Tata Motors has proposed to invest Rs 1,500 crore in FY15, in its commercial vehicle segment, for its capacity expansion plan.

The proposed funds will be utilised for developing new products, designs and technology.

Apart from this, the company is also looking forward to developing a new range of buses to cater to Jawaharlal Nehru National Urban Renewal Mission (JNNURM) requirements in the next year. Tata is also planning to launch new variants of its light commercial vehicle (LCV) Ultra during FY15. The company has already launched one variant of the Ultra and will be launching four-five variants of the vehicle in the next fiscal. It is working with technology partner Cummins, to develop a new series of engines which will power various vehicles, including the Ultra LCV.

As part of its plan to be future-ready with a range of products, Tata launched low-priced truck models under the 'Prima' brand earlier this month, to tap the high-volume, multi-axle segment in the country.