International Cars and Motors (ICML),
part of the Sonalika Group is planning to invest Rs.700 crore in the next three
years for expanding its tractor manufacturing capacity and for setting up a new
sports utility vehicle (SUV) unit.
The company is in talks with
governments of Tamil Nadu, Andhra Pradesh and Karnataka for setting up the SUV
unit. The proposed facility entailing an investment of around Rs.250-300 crore,
will have an annual capacity of about 40,000 units.
The company will also invest Rs.150
crore to hike capacity at its existing plants to 80,000 units.