Beiqi Foton to Set up Auto Plant in India

(Beijing) -- Beiqi Foton Motor Co. (SHE: 600166), a leading commercial vehicle maker in China, said October 11 that it will invest US$ 387 million to build an auto manufacturing plant in India.

The plant, set to be built by July 2013, will have an annual production capacity of 216,000 vehicles, Beiqi Foton said in an exchange filing.

Beiqi Foton said in the statement that the investment will facilitate its inroads into the Indian market. India's government now imposes a 24 percent duty on imported vehicles.