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FINANCIAL NEWS
Tata Group to set up JLR plant in Saudi
12 Dec 2012
(MENAFN) The Saudi commerce and industry ministry announced that it would ink a Letter of Intent (LOI) with India’s Tata Group to set up a plant in the country that would manufacture Land Rovers, reported Arabian Business.
The ministry said that the planned USD1.2 billion investment would comprise the establishment of a plant that would annually produce 50,000 Land Rovers using locally produced aluminum and steel, and might manufacture other Jaguar Land Rover (JLR) brands later.
JLR stated that it had already identified opportunities for aluminum component production in the Kingdom, however, it did not detail from where the investment for the proposed plant would be generated.
The plant is expected to be introduced in 2017, and it would be located in the Jubail industrial city or the Yanbu industrial city.
It is worth noting that JLR is owned by India’s Tata Motors, a unit of Tata group, which also owns Tata Steel and Tetley Tea in the UK.
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